Manuel Deposits $35,000 into an Investment Account Earning 3

question 281

Multiple Choice

Manuel deposits $35,000 into an investment account earning 3.9% interest compounded annually. The purpose of this deposit is for Manuel to withdraw $700 per month as an allowance during his 4 years of university. In addition, he wishes to have some money left in the account after the 4 year time period. Using the financial functions on the calculator, determine the amount of remaining after his education is completed.

• A) $8,285.45
• B) $7,890.56
• C) $6,244.12
• D) $5,125.84
• E) $4,538.33

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Definitions:

Lower Court

A court of law that is lower in the hierarchy than an appellate court and typically is the first level at which legal cases are heard.

Writ of Certiorari

A writ from a higher court asking a lower court to send it the record of a case for review. The United States Supreme Court uses certiorari to review most of the cases it decides to hear.

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Intermediate appellate courts in the federal court system that review decisions of federal district courts, regulatory commissions, and other federal courts.

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