Jasmine Has Decided That She Wants to Build Enough Retirement

question 17

Multiple Choice

Jasmine has decided that she wants to build enough retirement wealth that, if invested at 6 percent per year, will provide her with $3,000 of monthly income for 30 years. To date, she has saved nothing but she still has 25 years until she retires. Jasmine believes that she can earn 9 percent on her investments until she retires. How much money does she need to contribute per month to reach her goal?

• A) $446.32
• B) $521.84
• C) $667.13
• D) $722.05

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Definitions:

Benchmarking

The practice of comparing business processes and performance metrics to industry bests or best practices from other companies to improve performance.

Incorporate

The process of legally declaring a business as a separate entity from its owners, providing legal protections and benefits.

Management By Objectives (MBO)

Is a process of joint objective‐setting between a manager and a staff member.

External Supervisory Control

Oversight conducted by external bodies or regulators to ensure an organization meets standards or regulations.