Your Investment Goal Is to Have $3,000,000 in 40 Years

question 100

Multiple Choice

Your investment goal is to have $3,000,000 in 40 years for retirement. You decide to invest in a mutual fund today that pays 12% per year compounded monthly. How much must you invest at the end of each month to meet your investment goal? Round to the nearest $1.

• A) $245
• B) $255
• C) $285
• D) $305
• E) $315

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Definitions:

Hand-held Programmer

A portable device used to configure or program the parameters of various types of electronic or industrial equipment.

CPU

The primary part of a computer known as the Central Processing Unit is tasked with carrying out most of the computer's processing tasks.

Volatile Memory

A type of computer memory that requires power to maintain the stored information; it loses its data when the power is turned off.

Nonvolatile Memory

A type of memory that retains data even after power is turned off.