Charter Has Been Contributing $900 at the End of Each

question 61

Multiple Choice

Charter has been contributing $900 at the end of each month for the past 15 months to a savings plan that earns 4% compounded monthly. What amount will he have one year from now, if he continues with the plan?

• A) $25 382.84
• B) $13 819.60
• C) $6898.05
• D) $12 669.42
• E) $13 500

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Definitions:

Mind Wandering

A cognitive process of thoughts shifting away from a task towards unrelated concerns or fantasies, often occurring unconsciously.

Circadian Rhythm

The natural, internal process that regulates the sleep-wake cycle and repeats roughly every 24 hours.

Biological Clock

An internal mechanism that regulates physiological and behavioral functions on a cyclical basis, such as sleep and wakefulness.

Melatonin

A hormone produced by the pineal gland that regulates sleep and wakefulness cycles.