You Are Saving for Retirement

question 3

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.Today is your 30th birthday,and you decide that,starting today,on every birthday up to and including your 65th birthday you will deposit the same amount into your savings account.Assuming the interest rate is 5%,the amount that you must set aside each and every year on your birthday is closest to:

• A) $71,430
• B) $27,680
• C) $26,100
• D) $26,260

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Definitions:

"What-if" Conditions

Hypothetical scenarios used for planning, forecasting, or decision-making that explore different outcomes based on varying parameters or assumptions.

Value Chain Management

The process of managing activities and processes to add value to products or services from production to consumption.

Primary Activities

Core actions or functions that directly relate to the creation, sale, maintenance, and support of a product or service in a business's value chain.

Support Activities

Functions or operations within a business that, while not directly contributing to the product or service, facilitate effective performance of primary activities.