Moses' Goal, When He Retires from Work in Seven Years

question 160

Multiple Choice

Moses' goal, when he retires from work in seven years, is to have $400,000 in his Retirement Fund. Assuming he achieves his goal and the fund earns 7% compounded semi-annually after he retires, what is the amount that Moses will be able to take out of his Retirement Fund at the end of every six months for 25 years after he retires?

• A) $17,053
• B) $24,270
• C) $28,984
• D) $3,053
• E) $6,324

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Definitions:

Mother-father Relationship

The interpersonal and emotional connection between a mother and a father within the context of parenting, partnership, or family dynamics.

Biculturalism

The condition of identifying and integrating two cultural identities and values systems into one’s lifestyle.

Acculturation

The process of cultural change and adaptation that occurs when individuals from one culture come into direct contact with another culture.

Assimilation

In psychology, the process of incorporating new information into existing cognitive schemas or frameworks.