If You Want to Own $1 Million When You Retire

question 15

Multiple Choice

If you want to own $1 million when you retire in 45 years,how much should you put into your retirement fund now,given the interest rate is 3 percent?

• A) $250,005.
• B) $436,770.
• C) $264,439.
• D) $275,389.

---

Definitions:

Baby Boomers

A demographic group born during the post-World War II baby boom, approximately between the years 1946 and 1964.

Health Care System

An organized framework that delivers medical care services to the population, involving institutions, policies, and resources.

Voluntary Early Retirement

A program offered by some organizations allowing employees to retire early with benefits, often as a cost-saving measure.

Zero Population Growth

A demographic balance where the number of people in a specified population neither grows nor declines, due to the birth rate equaling the death rate.