How Long Would It Take for You to Save an Adequate

question 63

Multiple Choice

How long would it take for you to save an adequate amount for retirement if you deposit $40,000 per year into an account beginning today that pays 12 percent per year if you wish to have a total of $1,000,000 at retirement?

• A) 12.2 years
• B) 10.5 years
• C) 14.8 years
• D) 11.5 years

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Definitions:

Transition to Retirement

The process of adjusting from a working life to retirement, involving emotional, financial, and lifestyle changes to adapt to a new way of living.

Innovative Ways

Novel methods or approaches to solving problems or creating value.

New Career Paradigms

Emerging perspectives on careers that emphasize flexibility, adaptability, and self-directed approaches to professional growth.

Old Career Paradigms

Traditional beliefs and models about careers which emphasize linear progression, lifelong employment with a single employer, and jobs as primary sources of identity.