Your Investment Goal Is to Have $3,000,000 in 40 Years

question 100

Multiple Choice

Your investment goal is to have $3,000,000 in 40 years for retirement. You decide to invest in a mutual fund today that pays 12% per year compounded monthly. How much must you invest at the end of each month to meet your investment goal? Round to the nearest $1.

• A) $245
• B) $255
• C) $285
• D) $305
• E) $315

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Definitions:

Transfer Price

The price at which divisions of a company transact with each other, such as the trade of supplies or labor between departments.

Valve Division

A specialized department within a company that focuses on the production and sales of valve-related products.

Pump Division

A specialized section within a company focusing on producing and managing pump-related products and services.

Transfer Price

The cost at which various units within the same corporation sell goods and services to each other.