Solve the Problem. Round to the Nearest Cent

question 50

Multiple Choice

Solve the problem. Round to the nearest cent.
-Joe wants to start an SEP-IRA that will have $460,000 in it when he retires in 15 years. How much should he invest semiannually in his IRA to do this if the interest is 15% compounded semiannually?

• A) $44.35.77
• B) $17,612.13
• C) $4790.74
• D) $4448.77

---

Definitions:

Life Instinct

, in psychoanalytic theory, represents the drive for survival, propagation, love, and creativity.

Neurotic Impulse

Psychological tendencies or behaviors driven by underlying neurotic patterns, often leading to emotional distress or dysfunction.

Defense Mechanism

Strategies employed by the psyche to protect the individual from psychological distress.

Denial

A defense mechanism in which confrontation with a reality or fact is avoided by denying the existence of the problem or reality.