You Need $32,000 at the End of 6 Years

question 94

Multiple Choice

You need $32,000 at the end of 6 years.If you can earn 0.625% per month,how much would you need to invest today to meet your objective?

• A)$17,600
• B)$18,319
• C)$20,735
• D)$20,433

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Definitions:

Interest Rate

The percentage at which interest is paid by a borrower for the use of money they borrow from a lender.

Credit Transaction

A financial agreement where a buyer receives goods or services with the promise to pay the seller at a future date, typically involving interest or finance charges.

China

A sovereign nation located in East Asia, known for its rich history, cultural heritage, and being the world's most populous country.

Puffery

Exaggerated or boastful statements made by sellers about a product or service that are considered opinion rather than fact.