You Have Determined That You Will Need to Accumulate $1,000,000

question 86

Multiple Choice

You have determined that you will need to accumulate $1,000,000 in your retirement account in order to cover your inflation-adjusted shortfall.Which of the following is closest to the amount of money you would need to put into a tax-deferred retirement account every year if you plan on retiring in 40 years? Assume an 8% average return on this account,and that it is empty today.

• A)$1,458
• B)$3,860
• C)$5,957
• D)$8,444

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Definitions:

Methodological Weaknesses

Refers to limitations or flaws in the design, execution, or conceptual framework of a research study that can affect its reliability or validity.

Real-Life Application

Real-Life Application refers to the utilization of theoretical knowledge or concepts in practical, everyday situations.

Ethics

Ethics involves the systematizing, defending, and recommending concepts of right and wrong behavior, often guided by moral principles.

Bystander Effect

The phenomenon where individuals are less likely to offer help to a victim when other people are present.