John Deposits $2,000 Per Year at the End of the Year

question 77

Multiple Choice

John deposits $2,000 per year at the end of the year for the next 20 years into an IRA account that pays 6%. How much will John have on deposit at the end of 20 years?

• A) $67,520
• B) $73,572
• C) $81,990
• D) $75,686

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Definitions:

Contractures

The permanent tightening of muscles, tendons, or skin that limits movement and can result from prolonged immobility or scars.

Skin Breakdown

The deterioration of skin integrity, commonly resulting from prolonged pressure, friction, moisture, or underlying medical conditions, leading to ulcers or wounds.

Loss of Bladder

The inability to control bladder function, often resulting in urinary incontinence.

Bowel Control

The ability to manage the timing of defecation, where loss of this control is referred to as fecal incontinence.