You Currently Have $4541 Saved Towards the Purchase of a Home

question 48

Multiple Choice

You currently have $4541 saved towards the purchase of a home theatre system. You want to be able to buy a system for $6225 plus GST in 4 years. Your money is earning 4.84% compounded monthly. What is the size of your monthly deposit?

• A) $12.80
• B) $28.80
• C) $22.80
• D) $13.55
• E) $20.80

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Definitions:

Cascade Mountains

A major mountain range extending from southern British Columbia through Washington and Oregon to Northern California, known for its scenic beauty and volcanic peaks.

Volcanic Ash

Fine particles of rock and volcanic glass created during explosive volcanic eruptions, capable of being carried long distances by wind.

Slope Failure

The movement and failure of slope materials like soil and rock, often leading to landslides, avalanches, or other forms of mass wasting.

Rock Avalanche

High-velocity, turbulent flow of rock, sediment, and soil that results from the collapse of a steep mountain front.