A Recent College Graduate Begins a Savings Plan at Age

question 114

Multiple Choice

A recent college graduate begins a savings plan at age 27 by investing $500 at the end of each month in an account that earns an annual rate of 8.3%, compounded monthly. Suppose this plan is followed for 10 years, and that sufficient equal monthly contributions are made for the next 28 years in order to be able to withdraw $10,000 at the end of each month from the account for the next 25 years. What is the total amount contributed? Round your answer to the nearest cent. ​

• A)$141,458.61
• B)$117,214.97
• C)$132,730.90
• D)$92,971.34
• E)$181,458.61

Analyze the impact of individual needs and drives on work behavior and performance.

Evaluate the theoretical frameworks surrounding motivation and their applicability to real-world organizational problems.

Distinguish between the various needs and drives as explained by different motivation theories.

Comprehend the relationship between motivation theories and employee performance.

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Definitions:

Total Cost Approach

A method in logistics and supply chain management focusing on minimizing the total costs associated with the distribution and storage of products, rather than focusing on individual elements.

Discount Rate

This rate is employed in the process of discounted cash flow analysis to ascertain the present worth of forthcoming cash flows.

Useful Life

The estimated period over which a fixed asset is expected to be usable by an organization.

Discount Rate

The interest rate used to discount future cash flows to their present value, often used in investment valuation and project evaluation.