Judy Would Like to Have $200,000 Saved in Her Retirement

question 61

Essay

Judy would like to have $200,000 saved in her retirement account in 20 years.At an interest rate of 10 percent,how much should she contribute each year?
(a)$3,491.92
(b)$2,000.00
(c)$2,576.11
(d)$4,376.77

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Definitions:

Utilities

Essential services provided to the public, including electricity, gas, water, and sewage systems.

Break-even Point

The point at which total costs and total revenue are equal, meaning no net loss or gain is incurred by the business.

Fixed Cost

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance expenses.

Unit Price

The cost of a single unit of product or measure, which enables comparison of costs among different sizes or types of packages.