Henry Rearden Is Saving for Retirement and Has Determined That

question 16

Multiple Choice

Henry Rearden is saving for retirement and has determined that to live comfortably he must save $3 million by his 65th birthday.Henry just turned 30 today,and he has decided that starting today and continuing on every birthday up to and including his 65th birthday,he will deposit the same amount into an individual retirement account (IRA) .If Henry can earn 8% on his IRA,then the amount he must set aside each year to make sure that he will have $3 million in his account on his 65th birthday is closest to:

• A)$16,035.
• B)$17,410.
• C)$83,335.
• D)$85,715.

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Definitions:

Assertiveness

The characteristic of possessing confidence and assertiveness without aggressiveness, while honoring others' rights and beliefs.

Ethics Competency

The ability to understand, develop, and apply ethical principles and standards in professional settings.

Ruben Vardanian

A prominent businessman and philanthropist, known for his contributions to the financial and educational sectors.

Trustful Behavior

Actions that demonstrate reliability and sincerity, fostering an environment of trust among individuals.