Using the Time Value of Money Charts Provided,answer the Following

question 68

Multiple Choice

Using the Time Value of Money charts provided,answer the following question.(Note to Instructors: Provide the appropriate tables to students from Personal Finance,Sixth Edition,Appendix C: Financial Tables.) Jack is 35 years old and is planning to retire at age 65.Based on a variety of factors,he is planning a retirement of 20 years.Jack determines that he will need $20,000 per year during his 20 years of retirement.If he can invest at 9%,how much will he need to save each year beginning today to reach his goal?

• A) $11,428.57
• B) $6,086.00
• C) $1,339.47
• D) $20,000.00

---

Definitions:

Life Narrative

A story compiled by an individual, recounting significant events and experiences of their life.

Shaping of the Self

The process by which individuals form their identity and self-concept through interactions and experiences.

Social World

Refers to the structure, institutions, and communities that shape social interactions and relationships among individuals and groups.

Hypotheses

Theories or assumptions made for the sake of argument or investigation that are to be tested through research or experimentation.