A Year Ago,you Deposited $40,000 into a Retirement Savings Account

question 55

Multiple Choice

A year ago,you deposited $40,000 into a retirement savings account at a fixed rate of 5.5 percent.Today,you could earn a fixed rate of 6.5 percent on a similar type account.However,your rate is fixed and cannot be adjusted.How much less could you have deposited last year if you could have earned a fixed rate of 6.5 percent and still have the same amount as you currently will when you retire 38 years from today?

• A)$10,118.42 less
• B)$10,333.33 less
• C)$11,417.09 less
• D)$12,274.12 less
• E)$12,313.30 less

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Definitions:

Synaptic Response

The process by which a neuron responds to neurotransmitters released by another neuron at the synapse.

Voluntary Eye Movements

The deliberate control of eye movement to focus the eyes on objects of interest.

Temporary Paralysis

A short-term loss of muscle function and sensation, often caused by trauma, neurological conditions, or specific medical procedures.

Eye Muscles

The muscles surrounding the eye that allow for its movement and help maintain the shape of the eye.