Your Retirement Account Has a Current Balance of $50,000

question 79

Multiple Choice

Your retirement account has a current balance of $50,000.You plan to add $6,000 a year to the account for each of the next 30 years.Use a financial calculator or Excel to find what interest rate you need to earn in order to have $1,000,000 in the account at the end of the 30 years.?

• A) 5.02%
• B) 7.24%
• C) 9.80%
• D) 10.07%

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Definitions:

State-dependent Learning

A phenomenon where information learned in a particular state of mind is more easily recalled when in the same state.

Self-hypnosis

A technique involving self-induced hypnotic state, often used for therapeutic purposes, stress relief, or personal development.

Dissociative Identity Disorder

A mental disorder characterized by the presence of two or more distinct personality states that control an individual's behavior in different circumstances.

Subpersonalities

Different elements of an individual's personality that may become dominant in different contexts or during various emotional states.