Mark Deposits $900 at the End of Each Month in a Savings

question 75

Multiple Choice

Mark deposits $900 at the end of each month in a savings account earning 4.5% quarterly. How soon can he buy his first car assuming that he needs $8 000 for a decent car.

• A) 8.76 months
• B) 8.52 months
• C) 9.06 months
• D) 9 years
• E) 8.86 months

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Definitions:

Re-create Behavior

The act of deliberately imitating or replicating a previously observed action or pattern of actions.

Observe

The action of monitoring or taking notice of something, often leading to insights or data collection without directly interfering.

Conditions

The circumstances or factors affecting the way in which people live or work, especially with regard to their safety or well-being.

Self-Efficacy

An individual's belief in their own ability to complete tasks and achieve goals.