Howard Is Saving for a Holiday

question 32

Multiple Choice

Howard is saving for a holiday. He deposits a fixed amount every month in a bank account with an EAR of 14.7%. If this account pays interest every month then how much should he save from each monthly paycheck in order to have $14,000 in the account in four years' time?

• A) $176
• B) $308
• C) $220
• D) $352

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Definitions:

Abdominal Surgery

A surgical procedure that involves opening the abdomen to access the internal organs for various operations or treatments.

Preventable Conditions

Health issues that can be avoided through proper preventive measures, including lifestyle adjustments and vaccinations.

Centers for Medicare and Medicaid

U.S. federal agency that administers the nation's major healthcare programs including Medicare, Medicaid, and the Children's Health Insurance Program (CHIP).

Immunizations

The process of making a person immune to specific infectious diseases, typically by vaccination.