Monica Has Decided That She Wants to Build Enough Retirement

question 58

Multiple Choice

Monica has decided that she wants to build enough retirement wealth that, if invested at 7 percent per year, will provide her with $3,000 monthly income for 30 years. To date, she has saved nothing, but she still has 20 years until she retires. How much money does she need to contribute per month to reach her goal?

• A) $671.78
• B) $865.62
• C) $3,000.00
• D) $7,025.77

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Definitions:

Societal Encouragement

The support, promotion, or advocacy by society or its structures for certain behaviors, actions, or ideas.

Hippie Commune

A community, typically formed during the 1960s and 1970s, where individuals shared common interests, values, and lifestyles, often focusing on peace, love, and communal living.

Retreatism

A response to strain wherein individuals reject both societal goals and the means to achieve them, often leading to withdrawal from social norms and activities.

Shoplifting

The act of stealthily taking goods from a retail establishment without paying for them.