Gordon Started Saving $25 a Month at Age 20 in an Account

question 41

Multiple Choice

Gordon started saving $25 a month at age 20 in an account earning 4%,compounded monthly.At age 40,he would have _____ in this account.(Use time value tables or financial calculator.Select the closest answer.)

• A) $6,000
• B) $7,170
• C) $9,169
• D) $9,255
• E) $9,890

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Definitions:

CIO's Salary

The compensation package awarded to a Chief Information Officer, reflecting responsibilities in overseeing an organization's technology strategy.

SaaS

Software as a Service; a software distribution model in which applications are hosted by a vendor or service provider and made available to customers over the internet.

PaaS

Platform as a Service, a cloud computing model that provides customers with a platform allowing them to develop, run, and manage applications without the complexity of building and maintaining the infrastructure typically associated with developing and launching an app.

Small and Medium Businesses

Enterprises which, due to their size, have different IT requirements—and face different IT challenges—than do large enterprises, and whose IT resources (usually budget and staff) are often limited.