How Much Extra Interest Do You Gain by Starting Today

question 104

Multiple Choice

How much extra interest do you gain by starting today rather than waiting one year if you want to deposit $1710 per year for 28 years? You are able to earn 7.07% compounded annually.

• A) $9689.63
• B) $9896.63
• C) $9869.63
• D) $9889.63
• E) $9999.63

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Definitions:

TOT Effect

The Tip-of-the-Tongue phenomenon where a person cannot fully recall a word or name, but has partial recall and a sense of imminent retrieval.

Flashbulb Memories

Highly detailed, exceptionally vivid 'snapshot' memories of the moment and circumstances in which a piece of shocking news was heard.

Emotional Impact

describes the significant affective response or effect that an event, experience, or piece of information has on an individual's mood, feelings, or emotional state.

Tip-Of-The-Tongue Phenomenon

A psychological phenomenon where a person cannot recall a familiar word or name, feeling that retrieval is imminent.