Use the Information for the Question(s)below

question 26

Multiple Choice

Use the information for the question(s) below.
Assume that you are 30 years old today,and that you are planning on retirement at age 65.Your current salary is $45,000 and you expect your salary to increase at a rate of 5% per year as long as you work.To save for your retirement,you plan on making annual contributions to a retirement account.Your first contribution will be made on your 31st birthday and will be 8% of this year's salary.Likewise,you expect to deposit 8% of your salary each year until you reach age 65.Assume that the rate of interest is 7%.
-The future value (FV) at retirement (age 65) of your savings is closest to:

• A)$497,530
• B)$928,895
• C)$1,263,236
• D)$108,000

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Definitions:

Cross Service Systems

Interdisciplinary collaborations that facilitate access to and coordination of different service systems for comprehensive support.

Psychiatric Nurse

A specialized nurse who cares for patients with mental health issues, providing support, medication management, and therapeutic care.

Comprehensive Care

A holistic approach to medical and health services that covers all aspects of a patient's needs, including physical, emotional, and social.

Treatment Plan

A comprehensive outline devised by healthcare professionals for managing a patient's condition, including diagnosis, interventions, and goals.