You Have Just Made a $1,500 Contribution to Your Individual

question 53

Multiple Choice

You have just made a $1,500 contribution to your individual retirement account.Assume you earn a 12 percent rate of return and make no additional contributions.How much more will your account be worth when you retire in 25 years than it would be if you waited another 10 years before making this contribution?

• A)$8,306.16
• B)$9,658.77
• C)$16,311.18
• D)$16,907.17
• E)$17,289.75

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Definitions:

Sensory Memory

Initial, brief, temporary storage of sensory information.

Long-Term

Referring to an extended period of time, often implying lasting significance or effect.

Executive

A senior-level manager or administrator, typically within an organization, who makes important decisions and oversees operations.

Procedural

Relating to an established or official way of doing something, often involving a series of steps or operations.