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

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Definitions:

Systematic Desensitization

A behavioral therapy technique that gradually exposes the individual to the object of their fear in a controlled manner, alongside relaxation exercises, to reduce phobic responses.

Flooding

An exposure therapy technique used in psychology to treat phobias and anxiety by exposing the patient to their fear at full intensity.

Social Skills Training

A behavioral therapy that teaches individuals the skills needed for effective social interactions and communication.

Social Skills Training

A behavioral therapy used to improve interpersonal skills through practice and instruction in areas such as communication, assertiveness, and empathy.