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:

Flashbulb Memory

A vivid and detailed memory of an emotional or significant moment or event.

Emotionally Significant

Pertaining to events or information that have a deep emotional impact on an individual.

Vivid Imagery

Vivid imagery involves the use of descriptive language to create detailed and clear mental pictures or experiences, enhancing imagination and memory.

Memory Process

Memory Process involves the phases of encoding, storage, and retrieval of information, crucial for learning and recalling past experiences.