Sam Refuses to Retire Until His Retirement Account Has a Balance

question 31

Multiple Choice

Sam refuses to retire until his retirement account has a balance of at least $1 million. The account currently has a balance of $500,000, and earns a rate of 9%, compounded monthly. If
Sam does not plan to make any more deposits into his account, how long will he have to wait
Until he retires?

• A)15.2 years
• B)7.8 years
• C)9.4 years
• D)12.1 years

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Definitions:

Belongingness

The human emotional need to be an accepted member of a group, feeling of connection and acceptance within a social framework.

Esteem

A term that denotes respect and admiration, typically for a person or an entity's qualities or achievements.

Self-actualization

The realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.

Extrinsic Factors

External elements or influences that affect behavior, motivation, and outcomes, such as rewards or punishments that are not inherently related to the activity being performed.