How Much Would Need to Be Contributed Each Year for 30

question 9

Multiple Choice

How much would need to be contributed each year for 30 years to accumulate $1,300,000 assuming a return on the investments of 8%? Round to the nearest dollar if needed.

• A) $43,333
• B) $46,800
• C) $11,476
• D) $15,000

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Definitions:

SES Group

Socioeconomic status group, categorizing individuals or families based on income, education, and job status.

Socioeconomic Status

A measure of an individual's or family’s social standing or class, determined by a combination of income, education, and occupation.

Neighborhood

A localized community within a larger town, city, or suburb, characterized by social interactions and shared spaces among its inhabitants.

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Individual or collective opinions and convictions about political systems, policies, and leaders.