Question
You want to have $5 million when you retire in 40 years. You believe you can earn 9 percent per year on your investment. How
You want to have $5 million when you retire in 40 years. You believe you can earn 9 percent per year on your investment. How much must you invest each year to achieve your goal when you retire? (Ignore all taxes.)
Show all work step by step while using the correct formula. A) $10,412 B) $11,619 C) $14,798 D) $15,295 E) None of these choices are correct.
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Introduction To Personal Finance Beginning Your Financial Journey
Authors: Lance Palmer, John E. Grable
2nd Edition
1119797063, 978-1119797067
