Your Retirement Account Has a Current Balance of $50,000

question 59

Multiple Choice

Your retirement account has a current balance of $50,000.What interest rate would need to be earned in order to accumulate a total of $1,000,000 in 30 years, by adding $6,000 annually?

• A)5.02 percent
• B)7.24 percent
• C)9.80 percent
• D)10.07 percent

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Definitions:

Stapes

The smallest bone in the human body, located in the middle ear, playing a key role in the transmission of sound vibrations.

Prosthesis

An artificial device used to replace a missing body part, such as a limb, tooth, eye, or heart valve.

Hearing Loss

A partial or total inability to hear sounds in one or both ears.

Cornea

The transparent front part of the eye that covers the iris, pupil, and anterior chamber, contributing most of the eye's focusing power.