John Would Like to Save $1,500,000 by the Time He

question 31

Multiple Choice

John would like to save $1,500,000 by the time he retires in 30 years and believes he can earn an annual return of 8%. How much does he need to invest each year to achieve his goal?

• A) $13,242
• B) $18,900
• C) $20,518
• D) None of the above

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Definitions:

Baby Boomers

The demographic cohort born approximately between 1946 and 1964, known for being part of a significant increase in births following World War II.

Born

The term describes the beginning of life or existence of an organism.

Identity Renaissance

A period or process of renewal or rebirth of individual or collective identity, often characterized by significant changes in self-perception or cultural expression.

Emergent

Referring to something in the process of coming into existence or prominence.