Suppose that you are beginning an investment plan. You have decided that you want to retire in 30 years with $1,000,000 in your bank account at that time. How much would you need to invest at the end each of the next 30 years if you could earn 8%?
A) $11,924,613.33
B) $83,860.16
C) $46,030.93
D) $22,045.16
E) $8,827.43
Answer: E
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