Assuming interest rates average 6 per cent, how much would you need to save at the end of each year if you wished to accumulate one million dollars over 20 years?

Question

Quizplus · Accepted Answer

To find the annual savings needed to accumulate $1,000,000 over 20 years at a 6% interest rate, use the future value of an annuity formula. The correct amount is approximately $27,184.

Assuming Interest Rates Average 6 Per Cent, How Much Would