You Plan to Retire at Age 65

question 102

Multiple Choice

You plan to retire at age 65.You want to withdraw $100,000 from your savings account every year starting on your 65 ^th birthday.You expect to make your final withdrawal on your 84^th birthday.How much must you have accumulated by your 65 ^th birthday in order to support your desired withdrawals if you earn 3% on your savings?

• A) $1,532,379.91
• B) $1,587,747.49
• C) $1,475,351.31
• D) $1,432,379.91
• E) $1,090,095.56

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Definitions:

Established Group

A group that has settled into a recognizable structure or role within a society or organization, often with a clear identity and longevity.

Invading Group

A population that enters a territory or community with the intention of taking control, often causing conflict or disruption.

Ecological Theory

A framework for understanding the complex interactions between individuals and their environments, emphasizing the multi-layered nature of those interactions.

Minority Group

A sociological term referring to a group of people who, due to their physical or cultural characteristics, are singled out from the others in the society in which they live for differential and unequal treatment.