You Would Like to Have Enough Money Saved to Receive

question 25

Multiple Choice

You would like to have enough money saved to receive a growing annuity for 25 years, growing at a rate of 4 percent per year, with the first payment of $60,000 occurring exactly one year after retirement.How much would you need to save in your retirement fund to achieve this goal? The interest rate is 12 percent.

• A)$1,500,000
• B)$632,390
• C)$452,165
• D)$1,043,287

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Definitions:

Refer Client

The action of directing a client to another professional or service for additional assistance or specialized support.

Service Plans

Detailed proposals for service delivery tailored to an individual's or population's specific needs, outlining objectives, strategies, and actions to be taken.

Specific Times

Distinct or precise moments or periods designated for activities or events.

Cost-Effective

An economic evaluation indicating that the benefits of a certain action or strategy outweigh its costs, making it a financially efficient choice.