If You Want to Own $1 Million When You Retire

question 48

Multiple Choice

If you want to own $1 million when you retire in 45 years, and you can only make one deposit, how much should you put into your retirement fund now given the interest rate is 3 percent?

• A)$250,005
• B)$436,770
• C)$264,439
• D)$275,389

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Definitions:

General Credit

Refers to the overall creditworthiness or credit status of an individual or business, taking into account their ability to repay debts and financial obligations.

Current Liability

Obligations that a company is expected to pay off within the coming year or its operational cycle, whichever is longer.

Non-current

Term used to describe assets or liabilities that are not expected to turn into cash, be consumed, or paid within one year or the operating cycle, whichever is longer.