How Many Years Would It Take for Jughead to Save

question 106

Multiple Choice

How many years would it take for Jughead to save an adequate amount for retirement if he deposits $2,000 per month into an account beginning today that pays 12 percent per year if he wishes to have a total of $1,000,000 at retirement?

• A) 13 years
• B) 16 years
• C) 15 years
• D) 12 years

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Definitions:

Conductors

Materials that allow the flow of electrical current, commonly used in electrical wiring and electronics for the transmission of electricity.

Voltage Drop

A decrease in electrical potential along the path of a current through a circuit.

Ohm Resistor

An electrical component that opposes the flow of current, defined by its resistance value in ohms.

Voltage Drops

The reduction in electrical potential measured across a component or conductor when current is flowing, indicative of resistance or impedance.