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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 present value (at age 30) of your retirement savings is closest to:
Continuously Innovate
The ongoing commitment of businesses to develop new products, services, or processes to meet changing market demands and stay ahead of competition.
Profitable Growth
When a company increases revenues in excess of expenses over time
Support Function
Services or activities within an organization that assist the core operations or departments without directly generating profit, such as HR and IT.
Value Chain Analysis
A method for dissecting a business's activities to assess its competitive strengths and identify ways to create efficiency and value.
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