You Have Just Made Your First $3,000 Contribution to Your

question 56

Multiple Choice

You have just made your first $3,000 contribution to your individual retirement account. Assuming you earn a 9 percent rate of return and make no additional contributions, what will your account be worth when you retire in 35 years? What if you wait for 5 years before contributing?

• A) $48,507.26; $42,614.08
• B) $57,311.20; $39,803.04
• C) $57,311.20; $42,614.08
• D) $61,241.90; $39,803.04
• E) $61,241.90; $42.614.08

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Definitions:

Social Norms

The unwritten rules that govern the behavior of individuals within a society, influencing how they act and interact.

Main Street

Symbolically represents the average, everyday concerns and interests of working-class citizens, often contrasted with Wall Street's financial interests.

Principal Determinant

The primary or most significant factor that influences the outcome of a situation or the development of a process.

Successful Action

The accomplishment of a task or goal that achieves the intended result or outcome efficiently and effectively.