How Long Would It Take for You to Save an Adequate

question 63

Multiple Choice

How long would it take for you to save an adequate amount for retirement if you deposit $40,000 per year into an account beginning today that pays 12 percent per year if you wish to have a total of $1,000,000 at retirement?

• A) 12.2 years
• B) 10.5 years
• C) 14.8 years
• D) 11.5 years

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Definitions:

Temperament

Innate traits that influence how we respond to the environment, typically apparent in early childhood and consistent across various situations.

Working Self-concept

A dynamic representation of oneself that is active and accessible at a given time, influenced by the immediate situation and social interactions.

Sociability

The tendency to seek out and enjoy the company of others, often considered a personality trait.

Activity Level

The degree of physical or mental exertion or activity an individual typically engages in.