Christopher Would Like to Have $20,000 for a House Down

question 57

Multiple Choice

Christopher would like to have $20,000 for a house down payment seven years from now.How much money would he need to save every quarter in an investment that pays 9% APR compounded quarterly?

• A)$2,173.81
• B)$171.78
• C)$520.51
• D)$509.05

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Definitions:

Permanganate

A powerful oxidizing agent, often encountered as potassium permanganate (KMnO4), used in various chemical reactions and as a disinfectant.

Ozone

A molecule composed of three oxygen atoms (O3) known for its protective layer in the Earth's stratosphere and as a pollutant at ground level.

Phenylacetic Acid

An organic compound with the formula C6H5CH2COOH, used in the synthesis of various pharmaceuticals.

Grignard Chemistry

A branch of organic chemistry focusing on the reactions involving Grignard reagents, which are magnesium-based compounds used to form carbon-carbon bonds.