Approximately How Much Must Be Saved for Retirement in Order

question 38

Multiple Choice

Approximately how much must be saved for retirement in order to withdraw $100,000 per year for the next 25 years if the balance earns 8% annually,and the first payment occurs one year from now?

• A) $1,067,477.62
• B) $1,128,433.33
• C) $1,487,320.09
• D) $1,250,000.00

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Definitions:

Clotting Pathway

A series of biochemical events, involving coagulation factors, that stop bleeding by forming a clot.

Blood Type

A classification of blood based on the presence or absence of inherited antigenic substances on the surface of red blood cells, which can affect blood transfusions and organ transplantation.

Type A

Often referring to Type A personality, characterized by competitiveness, self-imposed stress, and a sense of urgency.

Type O

A blood type in the ABO blood group system characterized by the absence of A and B antigens on red cells and the presence of anti-A and anti-B antibodies in the plasma.