Present Value: Jack Robbins Is Saving for a New Car

question 86

Multiple Choice

Present value: Jack Robbins is saving for a new car. He needs to have $ 21,000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his target? (Round to nearest dollar.)

• A) $16,935
• B) $26,454
• C) $16,670
• D) $19,444

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Definitions:

Social Purity Movement

A social movement, primarily in the 19th and early 20th centuries, aimed at abolishing prostitution and other sexual activities considered immoral, promoting chastity and moral reform.

Moral Regulation

The act of controlling individuals' behaviors and choices according to societal standards of morality, often enforced through laws or social policies.

Moral Crusader

An individual who actively campaigns for what they perceive to be right or just, often with a focus on moral or ethical issues.

Safe Streets and Communities Act

A piece of Canadian legislation aimed at improving the safety of public spaces and communities through stricter crime and punishment measures.