You Would Like to Have Enough Money Saved to Receive

question 97

Multiple Choice

You would like to have enough money saved to receive $80,000 per year in perpetuity after retirement for you and your heirs.How much would you need to have saved in your retirement fund to achieve this goal? (Assume that the perpetuity payments start one year from the date of your retirement.The annual interest rate is 8%.)

• A)$7,500,000
• B)$750,000
• C)$1,000,000
• D)$800,000

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Definitions:

Social Needs

Fundamental human requirements for belonging, love, and affection, often motivating behavior and influencing societal relationships.

Safety Needs

Fundamental requirements for a secure and protected environment, often considered a basic human motivation.

Need Achievers

Individuals who have a strong desire to excel, to achieve in relation to a set of standards, to strive to succeed.

Achievable Goals

Objectives that are realistic and attainable within a specific timeframe, taking into account the available resources and constraints.