You Need a Down Payment of $17,200 in Order to Purchase

question 4

Multiple Choice

You need a down payment of $17,200 in order to purchase your first home 4 years from today.You currently have $14,014 to invest.In order to achieve your goal,what nominal interest rate,compounded continuously,must you earn on this investment? Do not round your intermediate calculations.

• A) 5.48%
• B) 5.12%
• C) 3.84%
• D) 4.46%
• E) 6.20%

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Definitions:

Ocelli Eye

Simple eyes, or ocelli, are found in some invertebrates, consisting of photoreceptor cells to detect light intensity and direction, but not form detailed images.

Sensory Adaptation

The process by which sensory receptors become less sensitive to constant stimuli over time.

Smells

The perceptions or sensations caused by the olfactory detection of airborne molecules or particles.

Rhodopsin

A pigment found in the photoreceptor cells of the retina, responsible for the initial step in the perception of light.