You Have Just Graduated with an MBA Degree and Accepted

question 3

Essay

You have just graduated with an MBA degree and accepted your first job at the age of 25.You are thinking ahead for early retirement and you plan on saving $5000 at the end of each year.You expect each year's return to be modeled as a normal distribution with a mean of 10% and standard deviation of 2.5%.Suppose you intend to retire at the age of 55.Use Crystal Ball to simulate the ending investment value.Use 1000 replications.
a.What is the average amount of money that you will have at retirement?
b.What is the probability of having more than $1,000,000 at retirement?

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Definitions:

Self-Concept

An individual's comprehensive understanding and awareness of themselves, encompassing self-image, self-esteem, and the attitudes one holds about oneself.

Humanistic Approach

A psychological perspective that emphasizes the study of the whole person, looking at human behavior not only through the eyes of the observer, but also through the eyes of the person doing the behaving.

Optimistic View

A mindset that tends to expect favorable outcomes and focuses on positive aspects of a situation.

Human Nature

The inherent characteristics, behaviors, and traits shared by all humans.