Today,you Are Retiring

question 82

Multiple Choice

Today,you are retiring.You have a total of $411,016 in your retirement savings and have the funds invested such that you expect to earn an average of 7.10 percent,compounded monthly,on this money throughout your retirement years.You want to withdraw $2,500 at the beginning of every month,starting today.How long will it be until you run out of money?

• A)31.97 years
• B)34.56 years
• C)42.03 year
• D)48.19 years
• E)You will never run out of money.

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Definitions:

Shaping

The process of reinforcing successive approximations to a desired behavior.

Operant Conditioning

A learning strategy in which the level of a specific behavior is adjusted using incentivization or penal measures.

Reinforcement

In behavioral psychology, it is a consequence that strengthens an organism's future behavior whenever that behavior is preceded by a specific antecedent stimulus.

Secondary Reinforcer

A stimulus that has acquired reinforcing properties through association with a primary reinforcer, such as money being valued due to its ability to purchase food.