The investment most affected by local conditions is:
a. real estate
b. savings accounts
c. mutual funds
d. treasury bills

The investment most affected by local conditions is A. REAL ESTATE.

Real Estate is affected by the local conditions because the properties are located locally. So, whatever happens in their locale will greatly affect said properties.

For example:

The local government passed some mandate over selling of properties in the city. Because the property you are selling is within the local government's jurisdiction, your real estate business is affected.

Savings accounts, mutual funds, treasury bills are not dependent on local conditions. They are affected on how the market performs as a whole (national level or international level).

No because he makes more money then the median annual income in the united states