You want to have $ 1,200,000 when you retire and you are in a defined contribution plan. You can earn 9 percent per year on the money invested and you will retire in 25 years. Your employer also contributes to your plan. The employer will match contributions up to 4 percent of what you put into the plan each year. How much do you have to contribute per year to meet your goal?

Multiple Choice

$ 16,879.32

$ 15,999,44

$18,435.43

$ 17,654.87

$ 13,622.60