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You want to have $4.5 million in real dollars in an account when you retire in 40 years. The nominal return on your investment is
You want to have $4.5 million in real dollars in an account when you retire in 40 years. The nominal return on your investment is 9 percent and the inflation rate is 3.5 percent. What is the real amount you must deposit each year to achieve your goal? (Do not round your intermediate calculations.)
A. $34,490.86
B. $13,318.24
C. $36,215.4
D. $35,870.49
E. $32,766.31
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