Question
Mary plans on retiring in 30 years by purchasing a house on the coast. She estimates she will need $1,000,000 saved at that time and
Mary plans on retiring in 30 years by purchasing a house on the coast. She estimates she will need $1,000,000 saved at that time and is starting now. What payment would Mary need to make yearly into a savings account with a tax-rate of 35% and an average market return of 8.0%?
A. $14,542
B. $12,221
C. $8,483
D. $13,333
E. $10,944
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Financial Management Principles and Application
Authors: Arthur J. Keown, J. William Petty, David F. Scott, Jr.
10th edition
536514119, 536514110, 978-0536514110
