You Just Won the Sweepstakes and Have Decided to Take

question 24

Multiple Choice

You just won the Sweepstakes and have decided to take your winning in 15 equal payments of $35,000.You decide to save all of this money for your retirement and deposit it into an account that earns 11% per year.What is the amount of your retirement nest egg? (Round to the nearest whole dollar)

• A) $1,204,188
• B) $1,032,161
• C) $1,112,037
• D) $557,810
• E) $852,225

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Definitions:

Certificate of Authority

A document issued by a state government granting a foreign business entity permission to conduct business in that state.

Foreign Corporation

A corporation that is registered and operates in a different jurisdiction from where it was originally incorporated.

Qualification Purposes

The specific reasons or objectives for requiring or seeking a particular certification, status, or level of skill.

Stock of Goods

The inventory of products or goods that a company has on hand to sell to customers.