Harry Decided He Was Tired of Being a Poor College

question 111

Multiple Choice

Harry decided he was tired of being a poor college student when he visited a local electronics store and experienced its finest home theatre system.He determined that he would invest today a portion of the remaining money he earned last summer cleaning animal cages at the veterinary clinic.He plans to invest the money into an international mutual fund for 3.5 years and expects to earn an average annual rate of return of 15%.If Harry wants to have $4,000 in the account at the end of this time,how much must he invest today?

• A)$1,253
• B)$2,048
• C)$2,453
• D)$2,591

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Definitions:

Acid Base Hydrolysis

A reaction where water and an acid or base catalyze the breakdown of a molecule, often leading to the cleavage of chemical bonds.

Triacylglyceride

A lipid molecule made up of three fatty acids esterified to glycerol, serving as the primary form of energy storage in animals.

Alkylbenzenesulfonate Detergent

A type of synthetic detergent made from alkylbenzene sulfonic acid, commonly used for its cleaning properties.

Common Soap

A detergent made from fats and an alkali, used for cleaning through its ability to remove dirt and grease.