Jane Wants to Have $200,000 in an Account in 20

question 60

Multiple Choice

Jane wants to have $200,000 in an account in 20 years. If her account earns 11 percent per annum over the accumulation period, how much must she save per year (end of year) to have the $200,000?

• A) $25,116
• B) $3,115
• C) $10,000
• D) $3,492

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Definitions:

Public Assistance

Government programs designed to provide financial aid, services, or support to individuals or families in need.

Supplemental Security Income

A federal program in the United States that provides additional income to elderly, blind, or disabled individuals with little or no income to meet basic living needs.

Medical Expenses

Costs incurred by individuals for healthcare services, treatments, medications, and other health-related needs.

TANF

Temporary Assistance for Needy Families, a federal assistance program in the United States aimed at helping families achieve self-sufficiency through employment.