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:

Behavioral

Related to or concerned with the actions or reactions of a person or group in response to external or internal stimuli.

Cognitive

Relating to mental processes such as perception, memory, reasoning, and problem solving.

Affective

Pertaining to emotions or feelings and their expressions.

Dispositional

Referring to inherent qualities of mind and character of an individual.