Today Is January 1

question 128

Multiple Choice

Today is January 1. Starting today,Sam is going to contribute $140 on the first of each month to his retirement account. His employer contributes an additional 50% of the amount contributed by Sam. If both Sam and his employer continue to do this and Sam can earn a monthly rate of ½ of 1 percent,how much will he have in his retirement account 35 years from now?

• A) $199,45.944
• B) $200,456.74
• C) $249,981.21
• D) $299,189.16
• E) $300,685.11

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Definitions:

Homogenization

The process of making things uniform or similar by blending disparate elements, often used in cultural, biological, and industrial contexts to describe the reduction of diversity.

Cultural Diversity

The existence of a variety of cultural or ethnic groups within a society.

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale, leading to increased interconnectedness and interdependence of the world's economies, cultures, and populations.

Modernization Theory

A model of economic and social development that explains global inequality in terms of technological and cultural differences between nations.