A 30 year old person plans to retire at age 65 with an equivalent lump sum of $1,000,000. They currently have $50,000 saved. How much more will they need to save constantly every year until retirement in order to accumulate the required lump sum if all savings earn a net total return of 6% pa?

Question 30Select one:

a.

$8,974

b.

$8,525

c.

$5,525

d.

none of the above