You want to have $1,000 accumulated in 3 years and you already have $250 in a savings account earning 6%. If you don't contribute any additional funds, how much will you be short of your goal in 3 years?

Question

Quizplus · Accepted Answer

The correct answer is A.The amount of interest earned in 3 years is $250 * 0.06 * 3 = $45. The total amount in the account after 3 years is $250 + $45 = $295. The amount short of the goal is $1,000 - $295 = $705.

You Want to Have $1,000 Accumulated in 3 Years and You