Multiple Compounding (PV): Darius Miller Is Seeking to Accumulate $50,000

question 91

Multiple Choice

Multiple compounding (PV) : Darius Miller is seeking to accumulate $50,000 in six years to invest in a real estate venture. He can earn 6.35 percent annual interest with monthly compounding in a private investment. How much will he have invest today to reach his goal? (Round to the nearest dollar.)

• A) $37,527
• B) $47,015
• C) $34,193
• D) $31,648

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Definitions:

Freedom of Religion

The right to practice any religion of one's choice or to live without adhering to any, free from governmental imposition or restriction.

Seventeenth-Century Chesapeake

Referring to the Chesapeake Bay area in the 1600s, noted for its early settlement, tobacco cultivation, and indentured servant labor system.

Family Planning

A strategy for couples and individuals to decide when and how many children to have, often involving methods of birth control and fertility treatments.

Indentured Servant

A worker bound by a contract to serve an employer for a specific period of time, typically in exchange for the cost of passage to a new country.