Mr Williams Expects to Retire in 30 Years and Would

question 19

Multiple Choice

Mr. Williams expects to retire in 30 years and would like to accumulate $1 million in his pension fund. If the annual interest rate is 12 percent, how much should Mr. Williams put into his pension fund each month in order to achieve his goal? (Assume that Mr. Williams will deposit the same amount each month into his pension fund, using monthly compounding.)

• A)$286.13
• B)$771.60
• C)$345.30
• D)$437.13

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Definitions:

Perpetrator

An individual who commits a harmful, illegal, or immoral act.

Limbic System

A complex system of nerves and networks in the brain, involved in instinct and mood control, as well as basic emotions such as fear and pleasure.

Prefrontal Cortex

The region of the brain situated in the anterior portion of the frontal lobe, linked with advanced cognitive functions, the manifestation of personality, the process of making decisions, and the regulation of social conduct.

Adolescents

Individuals in the transition phase between childhood and adulthood, typically ranging from ages 13 to 19.