You Have Currently Accumulated $50,000 Thus Far for Your Retirement

question 27

Multiple Choice

You have currently accumulated $50,000 thus far for your retirement, and are planning to have $1,000,000 in 30 years when you retire.If you can add $6,000 each year to your retirement fund, what interest rate do you need to have in order to achieve your retirement goal?

• A)6.17%
• B)7.24%
• C)9.04%
• D)10.71%

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Definitions:

Evaluation of Results

The process of assessing the outcomes or impacts of an activity, project, or strategy to determine its effectiveness or success.

Measurable Targets

Specific, quantifiable goals set by an organization or individual to track progress and success.

Behavioural Decision Model

refers to a framework considering the psychological, cognitive processes individuals use in making decisions, highlighting biases and heuristics that influence judgment.

Risk and Uncertainty

The exposure to the possibility of loss or adverse outcomes in decision-making situations where the probabilities of various outcomes are not known.