Your Mother Has Just Retired

question 50

Multiple Choice

Your mother has just retired.The balance in her investment account is $600,000 and she wants to receive monthly payments of $5,000.If she receives the payments at the end of the month, and the current interest rate is 7%, compounded quarterly, how many months will her investment account last for approximately?

• A)98 months
• B)120 months
• C)170 months
• D)206 months

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Definitions:

Piaget

Refers to Swiss psychologist Jean Piaget, known for his pioneering work in the study of cognitive development in children.

Television Viewing

The act of watching content on a television set.

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The process by which children come to understand and communicate language during early childhood.

Cognitive Development

The process of growth and change in intellectual abilities, including problem-solving, memory, language, and thought, throughout the lifespan.