If You Want to Save $1 000 000 for Retirement

question 52

Multiple Choice

If you want to save $1 000 000 for retirement with $200 monthly deposits at eight percent interest compounded monthly,how long will it take?

• A)50 years,1 month
• B)43 years,3 months
• C)44 years,4 months
• D)44 years,1 month

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Definitions:

Plan Design

The creation and structuring of a specific plan, such as a benefits plan or a research plan, detailing its components and objectives.

Pension Plans

Financial programs established by employers to provide retirement income for employees, where benefits are determined by factors such as salary history and duration of employment.

Turnover Rates

The percentage of employees leaving a company over a specific period, indicative of workforce stability.

Defined Contribution Plans

Retirement savings plans where the amount contributed to the plan is defined, but the future benefit can vary based on investment performance.