You Are Saving for Retirement

question 8

Multiple Choice

You are saving for retirement.To live comfortably,you decide that you will need $2.5 million dollars by the time you are 65.If today is your 30th birthday,and you decide,starting today,and on every birthday up to and including your 65th birthday,that you will deposit the same amount into your savings account.Assuming the interest rate is 5%,the amount that you must set aside each and every year on your birthday is closest to:

• A) $71,430
• B) $27,680
• C) $26,100
• D) $26,260

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Definitions:

Jugular Foramen

A large opening in the skull that allows passage of the jugular vein and several nerves, located between the temporal and occipital bones.

Skull Canal

An anatomical passage or opening in the skull bone through which nerves or vessels pass.

Ethmoid Bone

A delicate, spongy bone located between the eyes, forming part of the nasal cavity and the orbits of the eyes.

Special Senses

The senses that have specialized organs devoted to them, including vision, hearing, taste, and smell.