You Are Planning Your Retirement and You Come to the Conclusion

question 46

Multiple Choice

You are planning your retirement and you come to the conclusion that you need to have saved $1,250,000 in 30 years.You can invest into an retirement account that guarantees you a 5% annual return.How much do you have to put into your account at the end of each year to reach your retirement goal?

• A) $81,314.29
• B) $18,814.30
• C) $23,346.59
• D) $12,382.37

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Definitions:

Fair Labor Standards Act

Legislation aimed at protecting workers by setting minimum wage, overtime pay eligibility, and child labor laws.

U.S. Citizen

A person who has acquired the legal status of citizenship in the United States, either by birth within its territory or through naturalization.

Skill-Based Pay

A compensation system that bases employee wages on their skills or knowledge, rather than their job title or position.