If You Have $20,000 in an Account Earning 8% Annually

question 99

Multiple Choice

If you have $20,000 in an account earning 8% annually, what constant amount could you withdraw each year and have nothing remaining at the end of five years?

• A) $3,525.62
• B) $5,008.76
• C) $3,408.88
• D) $2,465.78

---

Definitions:

Active Religious Faith

The practice of engaging deeply and regularly in the beliefs, rituals, and activities of a religion.

Young

Being in the early or initial stages of life or growth; typically refers to children or youth.

Faith Factor

The impact of spiritual or religious beliefs and practices on an individual's health, well-being, or life expectancy.

Religiously Active

Engaging regularly in practices and rituals associated with a particular faith or religious community.