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:

Free Will

The concept that individuals have the ability to make choices that are not predetermined by past events, emphasizing personal autonomy and ethical responsibility.

Career Adaptability

Readiness and resources to cope with repeated career decisions and challenges.

Career Maturity

The level of a person's readiness and competence in making career-related decisions.

Career Development

The progression and growth of an individual’s career over time, involving changes in roles, responsibilities, and skill enhancement.