AAFM GLO_CWM_LVL_1 Exam - Topic 9 Question 25 Discussion

Actual exam question for AAFM's GLO_CWM_LVL_1 exam

Question #: 25
Topic #: 9

Sonia works at the post office. She deposits Rs. 1000 on every birthday into a retirement plan which paid an interest rate of 8% from the age of 20 years until she retired. If she had Rs. 260000 in her retirement plan when she retired, at what age did she retire?

A55

B60

C59

D57

Show Suggested Answer

Suggested Answer: B

by Krissy at May 05, 2022, 04:00 PM

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Glory

9 months ago

8% interest is pretty solid, but still... wow!

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Jules

9 months ago

I think it's 55, but not sure.

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Izetta

9 months ago

Wait, how does she end up with that much?

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Deeanna

9 months ago

Definitely sounds like 60 years old to me!

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Breana

10 months ago

She started at 20 and deposited every year.

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Sylvia

10 months ago

This question seems straightforward, but I want to make sure I understand the requirements correctly before attempting to solve it.

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Becky

10 months ago

I'm feeling confident about this one. The key is recognizing that the question is specifically asking about the process of determining the required resources, which matches the definition of a Capacity Requirements Plan.

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Marci

10 months ago

Looks like a compound interest problem. I'll start by calculating how much she deposits each year and track the growth.

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