Suppose Your Personal Financial Goal Is to Retire with a Million

question 13

Multiple Choice

Suppose your personal financial goal is to retire with a million dollars in your savings account.How much must you deposit monthly in an account paying 5% a year (with interest being compounded monthly and your deposits occurring at the end of the month) ,to accumulate $1,000,000 by your 65^th birthday if you begin your deposits on your 22^nd birthday? (Note: Assume that you started with no savings in the account prior to your first deposit at age 22 and you do not make a deposit on your 65^th birthday)

• A)$552.13
• B)$701.90
• C)$21,282.95
• D)$186,354.63

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Definitions:

Interdependence

A mutual reliance between individuals or groups, where actions, decisions, or outcomes are influenced by others within a relationship or system.

Entitativity

The perception or quality of being a distinct and unified group, characterized by similarities, shared goals, or common fate among its members.

Cohesiveness

Refers to the strength of the bonds among members of a group, which often helps in enhancing group performance and satisfaction.

Emergent

Describes phenomena or patterns that arise or develop in complex systems, often unexpectedly and without a singular entity controlling them.