Your Rich Uncle Gave You $10,000 Today on Your 20^th

question 213

Multiple Choice

Your rich uncle gave you $10,000 today on your 20^th birthday. You want to invest the money and then start making monthly deposits, beginning one month from today, so that you will accumulate $500,000 by the time you are 60 years old. You believe that you can earn 8% on your investment. How much will you have to deposit each month to reach your goal of $500,000 by your 60^th birthday?

• A)Less than $75
• B)$76 - $100
• C)$101 - $125
• D)$126 - $150
• E)More than $150

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Definitions:

Negatively Related

Negatively Related indicates a relationship where one variable increases while the other decreases, or vice versa, showing an inverse correlation.

Extrinsic Motivation

Motivation driven by external rewards such as money, praise, or avoiding negative consequences, rather than intrinsic satisfaction.

Intrinsic Motivation

A driving force that inspires individuals to engage in activities for their own sake, due to the personal satisfaction or pleasure they derive, rather than for external rewards.

Performance

Performance is the act of carrying out a task or function, often measured against preset known standards of accuracy, completeness, cost, and speed.