Future Value of an Annuity: Zhijie Jiang Is Saving to Buy

question 5

Multiple Choice

Future value of an annuity: Zhijie Jiang is saving to buy a new car in four years. She will save $5,500 at the end of each of the next four years. If she invests her savings at 6.75 per cent, how much will she have after four years? (Round to the nearest dollar.)

• A) $22,000
• B) $23,345
• C) $27,556
• D) $24,329

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Definitions:

Capital Goods

Assets used by businesses to produce goods and services, such as machinery, buildings, and equipment, not intended for immediate sale but for productive use over time.

Population Growth

The increase in the number of individuals in a population, often measured by the rate at which the number of individuals increases in a specific time period, usually expressed as a percentage.

Productivity

The measure of the efficiency of production, often calculated as the ratio of outputs produced to inputs used in the production process.

Capital Goods

Long-lasting goods that are used in the production of other goods or services and are not consumed in the process.