You Wish to Have $10,000 Per Year as a Retirement

question 233

Multiple Choice

You wish to have $10,000 per year as a retirement supplement for 20 years (from age 65-85) . You are now 40 years old. How much must you save each year for the next 25 years if you assume your savings will earn 12% annually?

• A)$560.17
• B)$1,499.99
• C)$5,403.87
• D)None of the above

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Definitions:

Cohabitation

An arrangement in which a committed, unmarried couple lives together in the same home.

Long-Term Marriages

Marital relationships that have persisted over an extended period, often implying a deep level of commitment and stability.

Divorce

is the legal dissolution of a marriage by a court or other competent body.

Unhappy Situation

Circumstances or conditions that result in feelings of sadness or distress.