Your Retirement Account Has a Current Balance of $50,000

question 81

Multiple Choice

Your retirement account has a current balance of $50,000. What interest rate would need to be earned in order to accumulate a total of $1,000,000 in 30 years, by adding $6,000 annually?

• A) 5.02%
• B) 7.24%
• C) 9.80%
• D)10.07%

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Definitions:

Involved Father

A father who actively participates in the upbringing and care of his children, contributing significantly to their developmental needs.

Child Rearing

The process of bringing up a child through providing for their physical, emotional, social, and educational needs.

Transition To Parenthood

The process or period of change individuals or couples go through as they become parents for the first time.

Parents Help

Refers to the support and assistance parents provide to their children, including emotional, financial, and educational support.