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Kira Cheung, Who Wants to Be a Millionaire, Plans to Retire

Question 1

Multiple Choice

Kira Cheung, who wants to be a millionaire, plans to retire at the end of 40 years.Kira's plan is to invest her money by saving a certain amount of money each year.What is the amount that she needs to deposit annually in order to accumulate $1 000 000? Assume that the account will earn an annual rate of 11.5%.Round off to the nearest $1.


A) $1497
B) $5281
C) $75
D) $3622

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