You Are Scheduled to Receive $30,000 in Two Years

question 46

Multiple Choice

You are scheduled to receive $30,000 in two years.When you receive it,you will invest it for 5 more years,at 6 percent per year.How much money will you have 7 years from now?

• A)$38,909.19
• B)$39,381.16
• C)$40,146.77
• D)$47,209.19
• E)$51,414.73

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Definitions:

Interest

The cost of borrowing money or the return on investment, typically expressed as a percentage.

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A quantitative assessment derived from a person's credit reports that indicates how creditworthy they are.

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Financial obligations not met by the due date, often resulting in extra charges or penalties.

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