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:

Working Memory

A cognitive system responsible for temporarily holding information available for processing.

Memory Changes

Alterations in the ability to encode, store, and retrieve information over time, which can be influenced by age, health factors, and environmental conditions.

Spatial Intelligence

The capacity to understand and remember the spatial relations among objects.

Mentally Rotating

The cognitive capacity to rotate two-dimensional or three-dimensional objects within one's mind, which is a skill related to spatial visualization and intelligence.