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You are now 30 years old and you would like to have $3.5 million at age 65 to fund your retirement. You plan to save
You are now 30 years old and you would like to have $3.5 million at age 65 to fund your retirement. You plan to save each year, over the next 35 years, an amount that grows by 6% per year. How much do you need to contribute to your retirement fund when you make your first annual contribution, a year from now? Assume that the annual interest rate is 4%. (Round answer to the nearest dollar.) Group of answer choices
A. $6,473
B. $9,709
C. $15,220
D. $7,912
E. $18,717
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