Using the Time Value of Money Charts Provided, Answer the Following

question 89

Multiple Choice

Using the Time Value of Money charts provided, answer the following question. (Note to Instructors: Provide the appropriate tables to students from Personal Finance, Seventh Edition, Appendix C: Financial Tables.)
Judy would like to have $200,000 saved in her retirement account in 20 years. Assuming an interest rate of 10%, how much should she contribute each year?

• A) $3,491.92
• B) $2,000.00
• C) $2,576.11
• D) $4,376.77

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Definitions:

Identification

The process of recognizing or establishing the identity of something or someone.

Affiliation Motivation

The drive to build and maintain social relationships and feel connected and accepted by others.

Hatred

An intense emotion expressing animosity, anger, or hostility towards a person, group, or object.

Jealousy

An emotion stemming from fear or envy of losing affection or status to a rival.