At the End of This Month, Les Will Start Saving

question 62

Multiple Choice

At the end of this month, Les will start saving $200 a month for retirement through his company's retirement plan.His employer will contribute an additional $.50 for every $1.00 that he saves.If he is employed by this firm for 30 more years and earns an average of 8.25 percent on his retirement savings, how much will he have in his retirement account 30 years from now?

• A)$589,406.19
• B)$401,005.25
• C)$540,311.67
• D)$470,465.70
• E)$503,289.01

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Definitions:

Grounded Theory

A research methodology in the social sciences involving the collection and analysis of data to generate new theories that are grounded in the observed data.

Content Analysis

A research method for the systematic analysis of media texts and communications to identify patterns, themes, or biases.

Qualitative Analysis

A research method focusing on understanding phenomena through examining non-numeric data like text, video, or audio, to identify patterns, themes, or meanings.

Ethical Principles

Fundamental guidelines or rules that help govern behaviors and decision-making in a moral or ethical manner.