Your Rich Uncle Gave You $10,000 Today on Your 20^th

question 213

Multiple Choice

Your rich uncle gave you $10,000 today on your 20^th birthday. You want to invest the money and then start making monthly deposits, beginning one month from today, so that you will accumulate $500,000 by the time you are 60 years old. You believe that you can earn 8% on your investment. How much will you have to deposit each month to reach your goal of $500,000 by your 60^th birthday?

• A)Less than $75
• B)$76 - $100
• C)$101 - $125
• D)$126 - $150
• E)More than $150

---

Definitions:

Health Magazine

A publication focused on health, wellness, nutrition, fitness, and lifestyle issues and trends.

Reminder-Oriented

Characteristics of a system or tool designed to prompt or alert users about specific tasks, deadlines, or important events.

Usefulness

The state or quality of being useful, beneficial, or serving a purpose effectively.

Advertising

The practice of promoting products, services, or brands through various forms of media to attract potential customers and increase sales.