You are a financial adviser working with a client who wants to retire in eight years. The client has a savings account with a local bank that pays 9 percent annual interest. The client wants to deposit an amount that will provide her with $1,000,000 when she retires. Currently, she has $300,000 in the account. (FV of $1, PV of $1, FVA of $1, and PVA of $1) Note: Use the appropriate factor(s) from the tables provided. Required: How much additional money should she deposit now to provide her with $1,000,000 when she retires? Note: Round your answer to nearest whole dollar. Answer is complete but not entirely correct. Additional deposit amount $ 420,000 Return to question Future Value of $1 Periods 1.0% 2.0% 3.0% 3.75% 4.0% 4.25% 5.0% 6.0% 7.0% 1 1.01000 1.02000 1.03000 1.03750 1.04000 1.04250 1.05000 1.06000 1.07000 2 1.02010 1.04040 1.06090 1.07641 1.08160 1.08681 1.10250 1.12360 1.14490 3 1.03030 1.06121 1.09273 1.11677 1.12486 1.13300 1.15763 1.19102 1.22504 4 1.04060 1.08243 1.12551 1.15865 1.16986 1.18115 1.21551 1.26248 1.31080 5 1.05101 1.10408 1.15927 1.20210 1.21665 1.23135 1.27628 1.33823 1.40255 6 1.06152 1.12616 1.19405 1.24718 1.26532 1.28368 1.34010 1.41852 1.50073 7 1.07214 1.14869 1.22987 1.29395 1.31593 1.33824 1.40710 1.50363 1.60578 8 1.08286 1.17166 1.26677 1.34247 1.36857 1.39511 1.47746 1.59385 1.71819 9 1.09369 1.19509 1.30477 1.39281 1.42331 1.45440 1.55133 1.68948 1.83846 10 1.10462 1.21899 1.34392 1.44504 1.48024 1.51621 1.62889 1.79085 1.96715 Future Value of $1 Periods 1.0% 2.0% 3.0% 3.75% 4.0% 4.25% 5.0% 6.0% 7.0% 123456780223 11 1.11567 1.24337 1.38423 1.49923 1.53945 1.58065 1.71034 1.89830 2.10485 1.12683 1.26824 1.42576 1.55545 1.60103 1.64783 1.79586 2.01220 2.25219 1.13809 1.29361 1.46853 1.61378 1.66507 1.71786 1.88565 2.13293 2.40985 1.14947 1.31948 1.51259 1.67430 1.73168 1.79087 1.97993 2.26090 2.57853 1.16097 1.34587 1.55797 1.73709 1.80094 1.86699 2.07893 2.39656 2.75903 1.17258 1.37279 1.60471 1.80223 1.87298 1.94633 2.18287 2.54035 2.95216 1.18430 1.40024 1.65285 1.86981 1.94790 2.02905 2.29202 2.69277 3.15882 1.19615 1.42825 1.70243 1.93993 2.02582 2.11529 2.40662 2.85434 3.37993 19 1.20811 1.45681 1.75351 2.01268 2.10685 2.20519 2.52695 3.02560 3.61653 1.22019 1.48595 1.80611 2.08815 2.19112 2.29891 2.65330 3.20714 3.86968 1.28243 1.64061 2.09378 2.51017 2.66584 2.83075 3.38635 4.29187 5.42743 1.34785 1.81136 2.42726 3.01747 3.24340 3.48564 4.32194 5.74349 7.61226 Future Value of $1 Periods 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 20.0% 25.0% 1 1.08000 1.09000 1.10000 1.11000 1.12000 1.13000 1.14000 1.15000 1.20000 1.25000 2 1.16640 1.18810 1.21000 1.23210 1.25440 1.27690 1.29960 1.32250 1.44000 1.56250 3 1.25971 1.29503 1.33100 1.36763 1.40493 1.44290 1.48154 1.52088 1.72800 1.95313 4 1.36049 1.41158 1.46410 1.51807 1.57352 1.63047 1.68896 1.74901 2.07360 2.44141 5 1.46933 1.53862 1.61051 1.68506 1.76234 1.84244 1.92541 2.01136 2.48832 3.05176 6 1.58687 1.67710 1.77156 1.87041 1.97382 2.08195 2.19497 2.31306 2.98598 3.81470 7 1.71382 1.82804 1.94872 2.07616 2.21068 2.35261 2.50227 2.66002 3.58318 4.76837 8 1.85093 1.99256 2.14359 2.30454 2.47596 2.65844 2.85259 3.05902 4.29982 5.96046 9 1.99900 2.17189 2.35795 2.55804 2.77308 3.00404 3.25195 3.51788 5.15978 7.45058 10 2.15892 2.36736 2.59374 2.83942 3.10585 3.39457 3.70722 4.04556 6.19174 9.31323 Future Value of $1 Periods 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 20.0% 25.0% 123156282223 2.33164 2.58043 2.85312 3.15176 3.47855 3.83586 4.22623 4.65239 7.43008 11.64153 2.51817 2.81266 3.13843 3.49845 3.89598 4.33452 4.81790 5.35025 8.91610 14.55192 2.71962 3.06580 3.45227 3.88328 4.36349 4.89801 5.49241 6.15279 10.69932 18.18989 14 2.93719 3.34173 3.79750 4.31044 4.88711 5.53475 6.26135 7.07571 12.83918 22.73737 3.17217 3.64248 4.17725 4.78459 5.47357 6.25427 7.13794 8.13706 15.40702 28.42171 3.42594 3.97031 4.59497 5.31089 6.13039 7.06733 8.13725 9.35762 18.48843 35.52714 17 3.70002 4.32763 5.05447 5.89509 6.86604 7.98608 9.27646 10.76126 22.18611 44.40892 3.99602 4.71712 5.55992 6.54355 7.68997 9.02427 10.57517 12.37545 26.62333 55.51115 19 4.31570 5.14166 6.11591 7.26334 8.61276 10.19742 12.05569 14.23177 31.94800 69.38894 20 4.66096 5.60441 6.72750 8.06231 9.64629 11.52309 13.74349 16.36654 38.33760 86.73617 6.84848 8.62308 10.83471 13.58546 17.00006 21.23054 26.46192 32.91895 95.39622 264.69780 30 10.06266 13.26768 17.44940 22.89230 29.95992 39.11590 50.95016 66.21177 237.37631 807.79357 Future Value of Annuity of $1 Periods 1.0% 2.0% 3.0% 3.75% 4.0% 4.25% 5.0% 6.0% 7.0% 1 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 2 2.01000 2.02000 2.03000 2.03750 2.04000 2.04250 2.05000 2.06000 2.07000 3 3.03010 3.06040 3.09090 3.11391 3.12160 3.12931 3.15250 3.18360 3.21490 4.06040 4.12161 4.18363 4.23068 4.24646 4.26230 4.31013 4.37462 4.43994 5.10101 5.20404 5.30914 5.38933 5.41632 5.44345 5.52563 5.63709 5.75074 6.15202 6.30812 6.46841 6.59143 6.63298 6.67480 6.80191 6.97532 7.15329 7.21354 7.43428 7.66246 7.83861 7.89829 7.95848 8.14201 8.39384 8.65402 8 8.28567 8.58297 8.89234 9.13255 9.21423 9.29671 9.54911 9.89747 10.25980 9 9.36853 9.75463 10.15911 10.47503 10.58280 10.69182 11.02656 11.49132 11.97799 10 10.46221 10.94972 11.46388 11.86784 12.00611 12.14622 12.57789 13.18079 13.81645 Future Value of Annuity of $1 Periods 1.0% 2.0% 3.0% 3.75% 4.0% 4.25% 5.0% 6.0% 7.0% 11 11.56683 12.16872 12.80780 13.31288 13.48635 13.66244 14.20679 14.97164 15.78360 12 12.68250 13.41209 14.19203 14.81212 15.02581 15.24309 15.91713 16.86994 17.88845 13 13.80933 14.68033 15.61779 16.36757 16.62684 16.89092 17.71298 18.88214 20.14064 14 14.94742 15.97394 17.08632 17.98135 18.29191 18.60879 19.59863 21.01507 22.55049 15 16.09690 17.29342 18.59891 19.65565 20.02359 20.39966 21.57856 23.27597 25.12902 16 17.25786 18.63929 20.15688 21.39274 21.82453 22.26665 23.65749 25.67253 27.88805 17 18.43044 20.01207 21.76159 23.19497 23.69751 24.21298 25.84037 28.21288 30.84022 18 19.61475 21.41231 23.41444 25.06478 25.64541 26.24203 28.13238 30.90565 33.99903 19 20.81090 22.84056 25.11687 27.00471 27.67123 28.35732 30.53900 33.75999 37.37896 20 22.01900 24.29737 26.87037 29.01739 29.77808 30.56250 33.06595 36.78559 40.99549 25 28.24320 32.03030 36.45926 40.27112 41.64591 43.07648 47.72710 54.86451 63.24904 30 34.78489 40.56808 47.57542 53.79924 56.08494 58.48553 66.43885 79.05819 94.46079 Future Value of Annuity of $1 Periods 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 20.0% 25.0% 1 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 2 2.08000 2.09000 2.10000 2.11000 2.12000 2.13000 2.14000 2.15000 2.20000 2.25000 3 3.24640 3.27810 3.31000 3.34210 3.37440 3.40690 3.43960 3.47250 3.64000 3.81250 4 4.50611 4.57313 4.64100 4.70973 4.77933 4.84980 4.92114 4.99337 5.36800 5.76563 5.86660 5.98471 6.10510 6.22780 6.35285 6.48027 6.61010 6.74238 7.44160 8.20703 7.33593 7.52333 7.71561 7.91286 8.11519 8.32271 8.53552 8.75374 9.92992 11.25879 7 8.92280 9.20043 9.48717 9.78327 10.08901 10.40466 10.73049 11.06680 12.91590 15.07349 8 10.63663 11.02847 11.43589 11.85943 12.29969 12.75726 13.23276 13.72682 16.49908 19.84186 9 12.48756 13.02104 13.57948 14.16397 14.77566 15.41571 16.08535 16.78584 20.79890 25.80232 10 14.48656 15.19293 15.93742 16.72201 17.54874 18.41975 19.33730 20.30372 25.95868 33.25290 Future Value of Annuity of $1 Periods 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 20.0% 25.0% F23456282223 11 16.64549 17.56029 18.53117 19.56143 20.65458 21.81432 23.04452 24.34928 32.15042 42.56613 12 18.97713 20.14072 21.38428 22.71319 24.13313 25.65018 27.27075 29.00167 39.58050 54.20766 13 21.49530 22.95338 24.52271 26.21164 28.02911 29.98470 32.08865 34.35192 48.49660 68.75958 14 24.21492 26.01919 27.97498 30.09492 32.39260 34.88271 37.58107 40.50471 59.19592 86.94947 15 27.15211 29.36092 31.77248 34.40536 37.27971 40.41746 43.84241 47.58041 72.03511 109.68684 16 30.32428 33.00340 35.94973 39.18995 42.75328 46.67173 50.98035 55.71747 87.44213 138.10855 17 33.75023 36.97370 40.54470 44.50084 48.88367 53.73906 59.11760 65.07509 105.93056 173.63568 18 37.45024 41.30134 45.59917 50.39594 55.74971 61.72514 68.39407 75.83636 128.11667 218.04460 19 41.44626 46.01846 51.15909 56.93949 63.43968 70.74941 78.96923 88.21181 154.74000 273.55576 20 45.76196 51.16012 57.27500 64.20283 72.05244 80.94683 91.02493 102.44358 186.68800 342.94470 73.10594 84.70090 98.34706 114.41331 133.33387 155.61956 30 113.28321 136.30754 164.49402 199.02088 241.33268 293.19922 181.87083 356.78685 212.79302 434.74515 471.98108 1054.79118 1181.88157 3227.17427 Present Value of Annuity of $1 Periods 1.0% 2.0% 3.0% 3.75% 4.0% 4.25% 5.0% 6.0% 7.0% 1 0.99010 0.98039 0.97087 0.96386 0.96154 0.95923 0.95238 0.94340 0.93458 2 1.97040 1.94156 1.91347 1.89287 1.88609 1.87936 1.85941 1.83339 1.80802 3 2.94099 2.88388 2.82861 2.78831 2.77509 2.76198 2.72325 2.67301 2.62432 4 3.90197 3.80773 3.71710 3.65138 3.62990 3.60861 3.54595 3.46511 3.38721 5 4.85343 4.71346 4.57971 4.48326 4.45182 4.42073 4.32948 4.21236 4.10020 6 5.79548 5.60143 5.41719 5.28507 5.24214 5.19974 5.07569 4.91732 4.76654 7 6.72819 6.47199 6.23028 6.05790 6.00205 5.94699 5.78637 5.58238 5.38929 8 7.65168 7.32548 7.01969 6.80280 6.73274 6.66378 6.46321 6.20979 5.97130 9 8.56602 8.16224 7.78611 7.52077 7.43533 7.35135 7.10782 6.80169 6.51523 10 9.47130 8.98259 8.53020 8.21279 8.11090 8.01089 7.72173 7.36009 7.02358 Present Value of Annuity of $1 Periods 1.0% 2.0% 3.0% 3.75% 4.0% 4.25% 5.0% 6.0% 7.0% 11 10.36763 9.78685 9.25262 8.87979 8.76048 8.64354 8.30641 7.88687 7.49867 12 11.25508 10.57534 9.95400 9.52269 9.38507 9.25039 8.86325 8.38384 7.94269 13 12.13374 11.34837 10.63496 10.14236 9.98565 9.83251 9.39357 8.85268 8.35765 14 13.00370 12.10625 11.29607 10.73962 10.56312 10.39090 9.89864 9.29498 8.74547 15 13.86505 12.84926 11.93794 11.31530 11.11839 10.92652 10.37966 9.71225 9.10791 16 14.71787 13.57771 12.56110 11.87017 11.65230 11.44031 10.83777 10.10590 9.44665 17 15.56225 14.29187 13.16612 12.40498 12.16567 11.93315 11.27407 10.47726 9.76322 18 16.39827 14.99203 13.75351 12.92046 12.65930 12.40590 11.68959 10.82760 10.05909 19 17.22601 15.67846 14.32380 13.41731 13.13394 12.85938 12.08532 11.15812 10.33560 20 18.04555 16.35143 14.87747 13.89620 13.59033 13.29437 12.46221 11.46992 10.59401 25 22.02316 19.52346 17.41315 16.04320 15.62208 15.21734 14.09394 12.78336 11.65358 30 25.80771 22.39646 19.60044 17.82925 17.29203 16.77902 15.37245 13.76483 12.40904 Present Value of Annuity of $1 Periods 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 20.0% 25.0% 1 0.92593 0.91743 0.90909 0.90090 0.89286 0.88496 0.87719 0.86957 0.83333 0.80000 2 1.78326 1.75911 1.73554 1.71252 1.69005 1.66810 1.64666 1.62571 1.52778 1.44000 3 2.57710 2.53129 2.48685 2.44371 2.40183 2.36115 2.32163 2.28323 2.10648 1.95200 4 3.31213 3.23972 3.16987 3.10245 3.03735 2.97447 2.91371 2.85498 2.58873 2.36160 5 3.99271 3.88965 3.79079 3.69590 3.60478 3.51723 3.43308 3.35216 2.99061 2.68928 6 4.62288 4.48592 4.35526 4.23054 4.11141 3.99755 3.88867 3.78448 3.32551 2.95142 7 5.20637 5.03295 4.86842 4.71220 4.56376 4.42261 4.28830 4.16042 3.60459 3.16114 8 5.74664 5.53482 5.33493 5.14612 4.96764 4.79877 4.63886 4.48732 3.83716 3.32891 9 6.24689 5.99525 5.75902 5.53705 5.32825 5.13166 4.94637 4.77158 4.03097 3.46313 10 6.71008 6.41766 6.14457 5.88923 5.65022 5.42624 5.21612 5.01877 4.19247 3.57050 Present Value of Annuity of $1 Periods 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 20.0% 25.0% 123456780223 11 7.13896 6.80519 6.49506 6.20652 5.93770 5.68694 5.45273 5.23371 4.32706 3.65640 7.53608 7.16073 6.81369 6.49236 6.19437 5.91765 5.66029 5.42062 4.43922 3.72512 7.90378 7.48690 7.10336 6.74987 6.42355 6.12181 5.84236 5.58315 4.53268 3.78010 8.24424 7.78615 7.36669 6.98187 6.62817 6.30249 6.00207 5.72448 4.61057 3.82408 8.55948 8.06069 7.60608 7.19087 6.81086 6.46238 6.14217 5.84737 4.67547 3.85926 8.85137 8.31256 7.82371 7.37916 6.97399 6.60388 6.26506 5.95423 4.72956 3.88741 9.12164 8.54363 8.02155 7.54879 7.11963 6.72909 6.37286 6.04716 4.77463 3.90993 9.37189 8.75563 8.20141 7.70162 7.24967 6.83991 6.46742 6.12797 4.81219 3.92794 19 9.60360 8.95011 8.36492 7.83929 7.36578 6.93797 6.55037 6.19823 4.84350 3.94235 9.81815 9.12855 8.51356 7.96333 7.46944 7.02475 6.62313 6.25933 4.86958 3.95388 10.67478 9.82258 9.07704 8.42174 7.84314 7.32998 6.87293 6.46415 4.94759 3.98489 11.25778 10.27365 9.42691 8.69379 8.05518 7.49565 7.00266 6.56598 4.97894 3.99505