Use the Information for the Question(s)below

question 74

Essay

Use the information for the question(s)below.
Assume that you are 30 years old today and that you are planning on retirement at age 65.Your current salary is $45,000 and you expect your salary to increase at a rate of 5% per year as long as you work.To save for your retirement,you plan on making annual contributions to a retirement account.Your first contribution will be made on your 31st birthday and will be 8% of this year's salary.Likewise,you expect to deposit 8% of your salary each year until you reach age 65.Assume that the rate of interest is 7%.
-The future value at retirement (age 65)of your savings is:

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Definitions:

Hypnosis

A trance-like state of focus and concentration achieved with the help of a therapist, used for therapeutic purposes.

Brain Imaging

The use of various techniques to visually capture the structure or function of the brain, often used for diagnostic or research purposes.

Altered Consciousness

A change in one’s normal mental state, possibly due to drugs, trauma, meditation, or sleep deprivation.

FDA

The Food and Drug Administration, a government agency responsible for regulating food, drugs, medical devices, and other health-related products in the United States.