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Jasmine Has Decided That She Wants to Build Enough Retirement

question 121

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Jasmine has decided that she wants to build enough retirement wealth that, if invested at 6% per year, will provide her with $3,000 of monthly income for 30 years. To date, she has saved nothing but she still has 25 years until she retires. Jasmine believes that she can earn 9% on her investments until she retires. How much money does she need to contribute per month to reach her goal?

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Definitions:

Mandatory Standards

Regulations and criteria that must be followed and met by products, services, or activities, often for safety, health, or environmental reasons.

Pure Food and Drugs Act

An early 20th-century law aimed at regulating the labeling and safety of food and pharmaceuticals in the United States.

Food and Drugs

Pertains to regulations and standards that govern the safety, efficacy, and labeling of food, drugs, and cosmetics to protect public health.

Federal Legislation

Laws enacted by the national government of a country, in the case of the United States, laws passed by Congress and signed by the President.

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