Suppose That Scott Andrews Deposits His $10,500 Bonus in an Account

question 64

Multiple Choice

Suppose that Scott Andrews deposits his $10,500 bonus in an account that earns an annual rate of 7.0%, compounded quarterly, and makes additional deposits of $700 at the end of each quarter for the next 24.5 years, until he retires. To supplement his retirement, Scott wants to make withdrawals at the end of each quarter for the next 15 years (at which time the account balance will be $0) . What is the total amount withdrawn? Assume the interest rate remains the same during Scott's retirement. Round your answer to the nearest cent. ​

• A)$1,083,705.25
• B)$248,930.60
• C)$263,347.98
• D)$296,223.11
• E)$383,855.34

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Definitions:

McClelland

Refers to David McClelland's theory on the three types of motivational needs - achievement, affiliation, and power - influencing human behavior.

Principal Needs

Refers to the fundamental requirements or essential priorities that guide decision-making and activities within an organization or project.

Herzberg's Findings

The results from Frederick Herzberg's research which identifies factors causing satisfaction and dissatisfaction in the workplace, leading to the motivation-hygiene theory.

Factors Of Motivation

The various psychological and physiological factors that drive individuals to act or behave in a certain manner.