Samara Banks, 35, Has Set a Goal of Having $1,500,000

question 70

Essay

Samara Banks, 35, has set a goal of having $1,500,000 by the time she retires in 30 years. She plans to achieve this by saving $5,500 per year, which she will invest in term deposits at the end of each year. The term deposits are expected to generate an average return of 10% for the next 30 years. Will she achieve her goal? (show calculations) If not, what can she do in order to reach her goal? List all the possible alternatives of action.

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Definitions:

Hunger Drive

The internal motivation that prompts an organism to seek food for energy.

Psychological Factors

Aspects of an individual's mental and emotional state that influence behavior, perceptions, and overall mental health.

Physiological Factors

Aspects related to the functioning of organs and biological systems within an organism that influence its physical and mental health and behavior.

Television

An electronic device that receives broadcast signals and displays them as visual images, offering entertainment, news, and information content to viewers.