You Have Determined That You Will Need to Accumulate $1,000,000

question 86

Multiple Choice

You have determined that you will need to accumulate $1,000,000 in your retirement account in order to cover your inflation-adjusted shortfall.Which of the following is closest to the amount of money you would need to put into a tax-deferred retirement account every year if you plan on retiring in 40 years? Assume an 8% average return on this account,and that it is empty today.

• A)$1,458
• B)$3,860
• C)$5,957
• D)$8,444

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Definitions:

Sinful

Pertaining to actions or behaviors considered morally wrong or offending against religious or moral law.

Avoid Pain

A basic motivational drive to evade unpleasant and harmful stimuli or situations.

Ego-Ideal

Part of the psychoanalytic theory, representing an individual's personal standard of what is morally and ethically right or wrong.

Personality

The amalgamation of qualities that shapes a person's distinctive individuality.