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

question 70

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.) Jack is 35 years old and is planning to retire at age 65. Based on a variety of factors, he is planning a retirement of 20 years. Jack determines that he will need $20,000 per year during his 20 years of retirement. If he can invest at 9%, how much will he need to save each year beginning today to reach his goal?

• A) $11,428.57
• B) $6,086.00
• C) $1,339.47
• D) $20,000.00

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Definitions:

Movement

The act or process of moving or being moved, encompassing physical and symbolic motion.

Motor Cortex

A segment of the cerebral cortex tasked with the formulation, governance, and completion of intentional movements.

José Delgado

José Delgado was a Spanish neuroscientist known for his pioneering research on mind control through electrical stimulation of the brain.

Somatosensory Cortex

A brain region in the parietal lobe responsible for processing sensory information from across the body, such as touch, temperature, and pain.