What Amount of Money Will Kevin Need to Have in 20

question 25

Multiple Choice

What amount of money will Kevin need to have in 20 years when he retires? His goal is to purchase an ordinary annuity that pays $1,000 per month for 30 years after he retires? Assume that after he retires the interest rate will be 7.2% compounded monthly.

• A) $226,581
• B) $350,550
• C) $104,728
• D) $147,321
• E) $360,000

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Definitions:

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The process of testing individuals for the presence of drugs or their metabolites in the body, often used by employers, law enforcement, and medical professionals.

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Urine Specimen

A sample of urine collected for medical testing to diagnose diseases, conditions, or to monitor specific health situations.

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