You Want to Have a Million Dollars in the Bank

question 31

Multiple Choice

You want to have a million dollars in the bank when you retire. You think you can save $5 000 this year, and increase that by $100 every subsequent year, in a bank that offers you 5% interest. If you make your first deposit in a year's time, how many years will it be from now before you can retire?

• A)30
• B)35
• C)40
• D)45
• E)50

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Definitions:

Markdown

A reduction in the selling price of goods or services, often used as a sales strategy to encourage consumer purchases or to clear older stock.

Mark-up

The difference between the cost of a product or service and its selling price, expressed as a percentage of the cost.

Spoilage

Products or materials that have become unfit for sale or use, often leading to financial loss for a business.

Bruising

Physical damage that appears on the skin or body tissues as a result of blunt impact, characterized by discoloration and swelling.