At the End of This Month, Les Will Start Saving

question 62

Multiple Choice

At the end of this month, Les will start saving $200 a month for retirement through his company's retirement plan.His employer will contribute an additional $.50 for every $1.00 that he saves.If he is employed by this firm for 30 more years and earns an average of 8.25 percent on his retirement savings, how much will he have in his retirement account 30 years from now?

• A)$589,406.19
• B)$401,005.25
• C)$540,311.67
• D)$470,465.70
• E)$503,289.01

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Definitions:

Vague

Describes something that is unclear, ambiguous, or lacking in specific details.

Pooled Decision Making

A process where members of a group or organization share knowledge and resources to make a decision collectively, rather than independently or hierarchically.

Outsourced

Outsourced refers to the act of delegating a task or function to a third-party outside of the organization to leverage benefits such as cost savings or specialized expertise.

Build-To-Print

The process of manufacturing products directly from designs and specifications provided by the customer, without any modifications.