Eddie plans on retiring in 20 years by purchasing a house on the coast. He estimates he will need $1,500,000 saved at that time and is starting now. What payment would Eddie need to make yearly into a savings account with a tax-rate of 35% and an average market return of 7.0%?

Group of answer choices

$16,404

$31,440

$12,254

$36,000

$47,564