George and Laura Will Be Retiring in Four Years and Would

question 118

Multiple Choice

George and Laura will be retiring in four years and would like to buy a holiday house.They estimate that they will need $550,000 at the end of four years to buy this house.They want to make four equal annual payments into an account at the end of each year.If they can earn 8% on their money,compounded annually,over the next four years,how much must they invest at the end of each year for the next four years to have accumulated $550,000 by retirement?

• A)$137,500
• B)$122,056
• C)$113,015
• D)$131,821

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Definitions:

Deconstructive Listening

An approach to listening that involves critically analyzing and questioning the underlying assumptions and meanings of what is being communicated.

Empower

To provide an individual with the means or confidence to control their life and claim their rights, often by building self-esteem and independence.

Narrative Counselors

Therapists who use narrative therapy, focusing on the stories that individuals create about their lives and exploring ways to rewrite these narratives in more empowering ways.

Exception Questions

Questions asked within therapy to help clients identify times when the problem did not occur, suggesting alternative patterns or solutions.