Paige Has Decided That She Wants to Build Enough Retirement

question 88

Multiple Choice

Paige has decided that she wants to build enough retirement wealth that, if invested at 5 percent per year, will provide her with $2,500 monthly income for 20 years. To date, she has saved nothing, but she still has 40 years until she retires. How much money does she need to contribute per month to reach her goal?

• A) $180.02
• B) $248.24
• C) $460.81
• D) $921.61

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Definitions:

Survival of the Fittest

A concept often used to describe the process whereby organisms better adapted to their environment tend to survive and produce more offspring.

Sexual Gratification

The feeling of pleasure or satisfaction resulting from sexual activities or thoughts.

Functionalism

A theoretical perspective in sociology and anthropology that interprets society as a structure with interrelated parts designed to meet the biological and social needs of individuals in that society.

Great Depression

A severe worldwide economic downturn that took place mostly during the 1930s, beginning in the United States.