Dan would like to save $1,500,000 by the time he retires in 30 years and believes he can earn an annual return of 8%. How much does he need to invest in each of the following years to achieve his goal?
A) $13,241
B) $133,239
C) $10,727
D) $52,450

Question

Quizplus · Accepted Answer

The correct answer is A because $13,241 is the amount that Dan needs to invest each year to achieve his goal of saving $1,500,000 by the time he retires in 30 years, assuming an annual return of 8%.

Dan Would Like to Save $1,500,000 by the Time He