You Want to Have $5 Million When You Retire in 40

question 14

Multiple Choice

You want to have $5 million when you retire in 40 years. You believe you can earn 9 percent per year on your investment. How much must you invest each year to achieve your goal when you retire? (Ignore all taxes.)

• A)$10,412
• B)$11,619
• C)$14,798
• D)$15,295
• E)None of these choices are correct.

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Definitions:

Lifespan

The maximum length of time an organism is expected to live, influenced by genetic and environmental factors.

Parent-Child Relationships

The emotional and social connection between a parent and their child, influencing the child's development and socialization.

Continuity

The unbroken and consistent existence or operation of something over a period of time.

Multiple Generations

The coexistence of different age groups within a society, family, or organization, often leading to diverse perspectives and potential generational differences in values or experiences.