You Want to Have $1

question 99

Multiple Choice

You want to have $1.04 million in real dollars in an account when you retire in 38 years.The nominal return on your investment is 8 percent and the inflation rate is 3.5 percent.What is the real amount you must deposit each year to achieve your goal?

• A)$10,667.67
• B)$10,878.49
• C)$11,194.39
• D)$11,515.09
• E)$11,744.12

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Definitions:

Organizational

Relating to an organization or the structured arrangement of people and resources to achieve a specific purpose.

Employee Development

Programs and opportunities provided by organizations to enhance the knowledge, skills, and abilities of their employees for career advancement.

Linking Pin

A concept in organizational design where individuals serve as connectors between two or more groups or levels in a hierarchy, facilitating coordination and communication.

Rensis Likert

A social psychologist who developed the Likert Scale for measuring attitudes and is known for his research on management styles.