You Receive $2,000 Today Which You Plan to Save for 15

question 123

Multiple Choice

You receive $2,000 today which you plan to save for 15 years.If the interest rate is 4 percent,what is the future value of this $2,000?

• A)$3,494.40
• B)$3,585.85
• C)$3,601.89
• D)$3,676.14

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Definitions:

Criminal Act

An action or omission that constitutes an offense that may be prosecuted by the state and is punishable by law.

Biological Father

The male parent who has contributed the genetic material to a child.

Born out of Wedlock

Refers to a child born to parents who are not legally married to each other at the time of the child's birth.

Snob Effect

The phenomenon where the demand for a certain good increases as it becomes more exclusive or prestigious, independent of its price.