You decide you want to have a million dollars in the bank when you retire. Your bank pays 3% interest per year. If you start when you are 28, how much would you need to save each year to reach your goal by the time you are 68, assuming the interest rate stays the same?

Question 34 options:

A)

Between $13,000 and $14,000 a year.

B)

Between $15,000 and $16,000 a year.

C)

Between $19,000 and $20,000 a year.

D)

Between $24,000 and $26,000 a year.

E)

Between $10,000 and $11,000 a year.