Multiple Choice
Ishan plans to retire at age 40 with a decent lifestyle.He assumes that he can safely earn a real return of 4% annually on his money and that he would need $4000 a month to last until he turned 90.How much money would he need to have accumulated at age 40 (to the nearest thousand) if he were going to retire and no longer earn any money?
A) $1 050 000
B) $2 980 000
C) $1 500 000
D) $2 400 000
Correct Answer:
Verified
Correct Answer:
Verified
Q16: Use an illustration to show the difference
Q17: ABC Bank offers term deposits with 8
Q17: Develop an example to illustrate the power
Q26: Future value interest factor (FVIF)uses $1.00 to
Q31: If you invested $10 000 when you
Q37: Ten percent compounded quarterly with 10 years'
Q49: If you borrow money,you will receive interest.
Q52: If you want to have $10 000
Q55: Review all the considerations in a decision
Q66: The longer the time period,the higher the