How Long Would It Take for Nico to Save an Adequate

question 104

Multiple Choice

How long would it take for Nico to save an adequate amount for retirement if he deposits $40,000 per year into an account beginning one year from today that pays 12 percent per year if he wishes to have a total of $1,000,000 at retirement?

• A) 15.0 years
• B) 15.5 years
• C) 14.5 years
• D) 16.5 years

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Definitions:

Harry Truman's Reelection

The event in 1948 when Harry S. Truman, the 33rd President of the United States, won an unexpected victory to serve a second term, defying poll predictions.

American Political History

The study of the political events, movements, leaders, and institutions that have shaped the United States from its founding to the present day.

Democrats

A member or supporter of the Democratic Party, one of the two major political parties in the United States, generally associated with progressive policies.

Congress

The national legislative body of the United States, consisting of the Senate and the House of Representatives.