You Are Saving for Retirement

question 14

Multiple Choice

You are saving for retirement.To live comfortably,you decide that you will need $2.5 million dollars by the time you are 65.If you assume you are able to do that,and will live 20 more years (until age 85) ,the amount you can withdraw in each of those years at an interest rate of 5% before your retirement fund is empty is closest to:

• A)$72,987
• B)$75,606
• C)$197,987
• D)$200,606

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Definitions:

Cerebral Cortex

The outer layer of neural tissue of the cerebrum in the brain, playing a key role in memory, attention, perception, cognition, awareness, thought, language, and consciousness.

Consciousness

The state of being aware of and able to think about one's own existence, sensations, thoughts, surroundings, and experiences.

Elisabeth Kübler-Ross

A psychiatrist known for her theory of the five stages of grief and loss.

Separation Distress

Emotional discomfort or pain experienced by an individual due to separation from a significant other or familiar environment.