Joe and Bill Are the Same Age and Starting Their

question 39

Multiple Choice

Joe and Bill are the same age and starting their careers.Each plans to retire at age 65 and each wants to have $600000 in his RRSP account by then.If they both get seven percent annual return on their RRSP savings,which one will be closer to reaching his goal?

• A)Bill if he starts saving $800 a month when he is 45 years old
• B)Joe if he starts saving $200 a month when he is 25 years old
• C)Bill if he starts saving $1000 a month when he is 45 years old
• D)Joe if he starts saving $150 a month when he is 20 years old

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Definitions:

Levels

Distinct categories or values that independent or dependent variables can take in a study or experiment.

dfWG

Degrees of freedom within groups, a concept in statistical analysis that represents the number of independent pieces of information available to estimate a parameter or calculate a statistic within a subset or group.

Degrees of Freedom

The total amount of discrete variables or numbers that are able to fluctuate within a study without breaking any limitations.

Factor B

A variable or condition that is manipulated or varied in an experiment, considered distinct from other variables or conditions.