You Decide You Want Your Child to Be a Millionaire

question 69

Multiple Choice

You decide you want your child to be a millionaire.You have a son today and you deposit $15,000 in an investment account that earns 9% per year.The money in the account will be distributed to your son whenever the total reaches $1,000,000.How old will your son be when he gets the money (rounded to the nearest year) ?

• A) 82 years
• B) 74 years
• C) 60 years
• D) 49 years

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Definitions:

Accommodative Strategies

Approaches in negotiations or conflict resolution where one party is willing to make concessions to maintain the relationship or to reach an agreement.

Subordinating Goals

The objective of making certain goals less important or secondary to other primary objectives.

Concrete Goals

Specific, clearly defined, and measurable objectives that are aimed to be achieved within a fixed timeframe.

Measurable Goals

Specific, quantifiable, achievable, relevant, and time-bound objectives that can be tracked and evaluated.