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:

Public Securities

Public Securities are financial instruments issued by governments or municipalities, such as bonds or notes, that are available for purchase by the public.

United Delivery

A generic term possibly referring to a delivery or courier service that operates on a uniform or nationwide basis.

Corporate Outsiders

Individuals or entities that are not directly involved in the internal management or operations of a corporation, such as investors or the general public.

Insider Trading

The illegal practice of trading on the stock exchange to one's own advantage through having access to confidential information.