How much would need to be contributed each year for 30 years to accumulate $1,300,000 assuming a return on the investments of 8%? Round to the nearest dollar if needed
A) $43,333
B) $46,800
C) $11,476
D) $15,000
Answer: C
Explanation: C) $1,300,000/113.282 (FVIFA - i = 8 percent; n = 30) = $11,476 rounded
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