Suppose that you have estimated that, to provide for your retirement income, you will need $2,250,000 on deposit in your retirement account when you retire
You believe that you will earn an average of 11% on your retirement investments until you retire in 35 years. What must your annual deposits be to accumulate this total?
A) $21,991.14
B) $6,586.85
C) $5,904.84
D) $6,878.77
E) None of the above
Answer: B
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