Cole Needs $378,000 in His Retirement Account to Generate a Retirement

question 160

Multiple Choice

Cole needs $378,000 in his retirement account to generate a retirement income of $1,890 per month when he retires in 35 years. He has $35,000 to invest today. What simple interest rate does he need to achieve his target of $378,000?

• A) \(6 \%\)
• B) \(31 \%\)
• C) \(28 \%\)
• D) \(26 \%\)
• E) \(1.9 \%\)

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Definitions:

Inherent Risk Factors

Risk factors that are intrinsically linked to an individual or situation, not influenced by external changes.

Diet

The combination of foods and beverages a person consumes, which impacts health, body weight, and disease risk.

Exercise

Physical activities performed to improve health, fitness, and overall well-being.

Cardiac Rehabilitation

A supervised program that includes exercise training, health education, and stress reduction for patients who have experienced heart-related problems.