Jasmine Has Decided That She Wants to Build Enough Retirement

question 17

Multiple Choice

Jasmine has decided that she wants to build enough retirement wealth that, if invested at 6 percent per year, will provide her with $3,000 of monthly income for 30 years. To date, she has saved nothing but she still has 25 years until she retires. Jasmine believes that she can earn 9 percent on her investments until she retires. How much money does she need to contribute per month to reach her goal?

• A) $446.32
• B) $521.84
• C) $667.13
• D) $722.05