Mark Deposits $900 at the End of Each Month in a Savings

question 75

Multiple Choice

Mark deposits $900 at the end of each month in a savings account earning 4.5% quarterly. How soon can he buy his first car assuming that he needs $8 000 for a decent car.

• A) 8.76 months
• B) 8.52 months
• C) 9.06 months
• D) 9 years
• E) 8.86 months

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Definitions:

Anxiety Disorders

Anxiety Disorders are a group of mental health disorders characterized by significant feelings of anxiety and fear, affecting one's ability to lead a normal life.

Socioemotional Selectivity Theory

A theory suggesting that as people age, they become more selective in their emotional and social relationships due to an awareness of their limited lifespan.

Emotional Experience

The subjective feeling and psychological state associated with emotions, including their intensity and duration.

Mild Tranquilizers

Medications used to treat minor forms of anxiety or to help induce relaxation without causing significant sedation.