Use of Financial Calculator TI BA II Plus Required

question 40

Multiple Choice

Use of Financial Calculator TI BA II Plus required. You are 24 and will earn a pension of $21 000 on retirement at age 65. You want to supplement this with additional income of $15 000 for 20 years from your own retirement funds. How much should you save each year to meet this long-term goal? Assume investment returns should average seven percent over the long term (for saving and in retirement) .

• A)$699
• B)$641
• C)$796
• D)$740

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Definitions:

Qualifying Expenses

Specific expenses that meet IRS criteria for tax deductions or credits, such as educational or medical expenses.

Community College

A type of educational institution that provides workforce education and college transfer academic programs, typically offering two-year degrees.

AGI Limitations

Restrictions based on Adjusted Gross Income, defining how much of certain deductions and credits individuals can claim on their taxes.

Credit For The Elderly

A tax credit available to certain elderly and disabled individuals to reduce the amount of taxes owed.