1. The Baby Steps can best be described as: O A systematic process for getting o

Question

1. The Baby Steps can best be described as: O A systematic process for getting out of a financial mess and into building wealth O A series of seven sequential steps that help you plan, save, and manage money O A series of steps that will work in good times and in bad times O All of the above 2. If you invest $1,000 at 12% interest, how much money will be in the account after two years, compounded annualy O $1,120 $1,240 O $1,254.40 O $1,300.40 3. How much money should a couple who makes $54,000 a year have in their beginner emergency fund if they have a $3,o0 3-6 months of expenses

Explanation / Answer

1)baby steps can best be described as
1 A systematic process for getting out of a financial mess, 2 a series of seven sequential steps that help you plan save and manage money, 3 a series of steps that will work in good times and in bad times

Therefore answer is option (d) all of the above

2)formula of compounding annually=

Amount= principal(1+rate/no. of tyms compounded)years

=1000(1+0.12/1)2

   =1000*1.2544

=$1254.40

Therefore answer is option (c)

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