What lump sum should be deposited in an account that will earn at an annual rate of 7%, compounded quarterly, to grow to $90,000 for retirement in 20 years? Round your answer to the nearest cent.
A)$29,594.17
B)$5,741.36
C)$44,828.96
D)$14,219.12
E)$22,464.10

Question

What lump sum should be deposited in an account that will earn at an annual rate of 7%, compounded quarterly, to grow to $90,000 for retirement in 20 years? Round your answer to the nearest cent. ​
A)$29,594.17
B)$5,741.36
C)$44,828.96
D)$14,219.12
E)$22,464.10

Quizplus · Accepted Answer

The Answer of What lump sum should be deposited in an account that will earn at an annual rate of 7%, compounded quarterly, to grow to $90,000 for retirement in 20 years? Round your answer to the nearest cent. ​
A)$29,594.17
B)$5,741.36
C)$44,828.96
D)$14,219.12
E)$22,464.10

What Lump Sum Should Be Deposited in an Account That