Jasmine Has Decided That She Wants to Build Enough Retirement

question 31

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 6 percent on her investments until she retires. How much money does she need to contribute per month to reach her goal?

• A) $512.93
• B) $616.27
• C) $722.05
• D) $863.49

---

Definitions:

Communication

The process of exchanging information, ideas, thoughts, and feelings between people through speaking, writing, or other mediums to convey messages effectively.

Transfer

The process of moving an employee, resources, or technology from one position, location, or application to another within or between organizations.

Understanding

The ability to grasp the meaning, significance, or nature of something, including concepts, situations, or behaviors.

Successful Decoding

The accurate interpretation or understanding of a received message or piece of information.