Don wants to have $50,000 available in 10 years for retirement living expenses and health care. If he earns an average of 8% on his investments, what amount must he invest each year?
A) $3,451
B) $5,000
C) $4,372
D) $4,003

Question

Quizplus · Accepted Answer

The correct answer is A because $3,451 is the amount that must be invested each year to have $50,000 available in 10 years at an average return of 8%.

Don Wants to Have $50,000 Available in 10 Years for Retirement