Assume That You Contribute $200 Per Month to a Retirement

question 98

Multiple Choice

Assume that you contribute $200 per month to a retirement plan for 15 years. Then you are able to increase the contribution to $400 per month for another 25 years. Given a 5 percent interest rate, what is the value of your retirement plan after 40 years?

• A) $424,305.97
• B) $24,159.95
• C) $28,475.66
• D) $72,479.86

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Definitions:

Participation

Involvement or engagement in an activity, process, or event by contributing effort, opinions, or resources.

Ancient Greeks

A civilization belonging to a period of Greek history that lasted from the Archaic period of the 8th century BC to the end of antiquity.

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the appearance of the sky during the night, characterized by visible celestial bodies such as stars, planets, and the moon.

Galaxies

Massive systems of stars, stellar remnants, interstellar gas, dust, and dark matter, bound together by gravitational attraction.