Charles Wants to Retire in 17 Years

question 203

Multiple Choice

Charles wants to retire in 17 years. At that time he wants to be able to withdraw $22,000 at the end of each year for 19 years. Assume that money can be deposited at 12% per year compounded annually. What exact amount
Will Charles need in 17 years?

• A) $164,327.68
• B) $204,619.58
• C) $159,492.74
• D) $162,047.16

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Definitions:

Smooth Muscle

Involuntary muscle found in the walls of internal organs and blood vessels, controlled by the autonomic nervous system.

Troponin

Globular protein component of the actin myofilament.

Calcium-Binding

Referring to the capability of certain proteins or molecules to bind calcium ions, which is important for various biological functions.

ATP

Adenosine Triphosphate, a molecule that carries energy within cells for metabolism and is considered the energy currency of life.