Chad Is Setting Up a Retirement Fund,and He Plans on Depositing

question 28

Multiple Choice

Chad is setting up a retirement fund,and he plans on depositing $5,000 per year in an investment that will pay 7% annual interest.How long will it take him to reach his retirement goal of $69,080?

• A)13.816 years
• B)0.072 years
• C)10 years
• D)20 years
• E)5 years

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Definitions:

Behavior

Observable actions or responses of individuals or groups, which can be influenced by internal or external factors.

Influence

The capacity to have an effect on the character, development, or behavior of someone or something.

Jungian Theory

A psychological approach developed by Carl Jung focusing on the collective unconscious, archetypes, and the process of individuation.

Attitude

A psychological construct that represents an individual's degree of like or dislike, positive or negative views, towards a person, object, or idea.