Suppose You Can Save $2,000 Per Year for the Next

question 28

Multiple Choice

Suppose you can save $2,000 per year for the next ten years in an account earning 7 percent per year. How much will you have at the end of the tenth year if you make the first deposit today?

• A)$34,187.75
• B)$29,567.20
• C)$31,217.36
• D)$27,364.15
• E)$18,364.25

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Definitions:

Bran Flakes

A type of breakfast cereal made from bran, which is the hard outer layer of cereal grains.

Food

Any nutritious substance that people or animals eat or drink, or that plants absorb, in order to maintain life and growth.

Concrete

Refers to real, tangible objects or substances, as opposed to abstract concepts or qualities.

Emotion

A complex state of feeling resulting in physical and psychological changes that influence thought and behavior.