When Barry Reaches His 40^th Birthday He Will Receive $10,000

question 17

Multiple Choice

When Barry reaches his 40^th birthday he will receive $10,000 which he will put into his retirement fund. His goal is to have $500,000 in the retirement fund on his 65^th birthday. To reach his goal, he will make equal deposits of $1,520 at the end of every six months leading up to his 65^th birthday. He can expect his investments to earn 13% compounded semi-annually. At what age must he start the semi-annual deposits of $1,520 in order to reach his goal?

• A) 25
• B) 30
• C) 35
• D) 40
• E) 45

---

Definitions:

HTML

Hypertext Markup Language, the standard markup language used to create and design web pages.

Markup Languages

Coded languages used to annotate text or data with instructions for processing or formatting, such as HTML and XML.

MIS Professionals

Individuals specializing in Management Information Systems, focusing on the design, implementation, and management of IT solutions that support business operations and decision-making.

Internet

A global system of interconnected computer networks that uses the Internet Protocol suite to communicate between networks and devices.