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Many states have strict regulations regarding the hunting of big game animals (i.e., bison, elk, moose, etc.). For example, in the state of Washington, hunters wishing to hunt elk must purchase a tag. Upon purchase of the tag, individuals must decide in advance on the area in which they wish to hunt and with which weapon, and they are locked into these decisions for the entire season. Each person may purchase only one tag per year and, in 2009, the cost for a nonresident of Washington to purchase a tag was $396.Why would state governments impose such strict regulations on the hunting of big game in their states? Would the cost of an elk tag for residents of Washington be higher or lower than the cost for nonresidents? Explain.
Educational Savings Plan
A savings account specifically designed for funding future education expenses, often offering tax advantages or other incentives.
Simple Interest
A method of calculating interest where the interest charge is based only on the principal amount, not on previously earned interest.
Total Interest
The entire amount of interest paid over the life of a loan or financial product.
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