You Wish to Save $2,500,000 for Your Retirement by Saving

question 127

Multiple Choice

You wish to save $2,500,000 for your retirement by saving a certain sum every month for the next 40 years.If you can earn 9% compounded monthly,and you make your deposits at the BEGINNING of each month,how much would you have to deposit each month to achieve your objective?

• A) $616.59
• B) $534.04
• C) $565.67
• D) $530.06
• E) None of the above

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Definitions:

Shivering

An involuntary action of the body producing rapid muscle contractions to generate heat in response to cold.

ATP Hydrolysis

The chemical process of breaking down adenosine triphosphate (ATP) into adenosine diphosphate (ADP), releasing energy utilized by cells for various functions.

Rate

A measure of frequency or speed of a given process or activity over a specified amount of time.

Vitamin C

A water-soluble vitamin, also known as ascorbic acid, important for the growth, development, and repair of all body tissues and is involved in many body functions, including formation of collagen, absorption of iron, and immune system support.