You Would Like to Have Enough Money Saved to Receive

question 73

Multiple Choice

You would like to have enough money saved to receive an $80,000 per year perpetuity after retirement.How much would you need to have saved in your retirement fund to achieve this goal? (Assume that the perpetuity payments start on the day of your retirement.The annual interest rate is 10%.)

• A)$1,500,000
• B)$880,000
• C)$800,000
• D)$80,000

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Definitions:

Book of Mormon

A sacred text of the Latter Day Saint movement, which followers believe to be a historical record of God's dealings with ancient inhabitants of the Americas.

Native Americans

The native populations in the United States, comprising both American Indian and Alaska Native communities.

Middle East

A transcontinental region centered on Western Asia and Egypt, characterized by its historical, cultural, religious, and geopolitical significance.

Divine

Pertaining to, or of the nature of God or a god; sacred.