You want to have $3,000,000 at the end of 15 years. You have $8,000 to invest now, and you will receive $100,000 at the end of 8 years. In addition, you plan to invest an equal amount at the end of every year over the next 15 years to reach your goal. If the annual rate of interest is 7.30% , how much do you have to invest annually?

Answer

a.

$112,453

b.

$116,653

c.

$314,755

d.

$104,569

e.

$109,390