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Molodets [167]
3 years ago
11

Mr. Hopper expects to retire in 30 years, and he wishes to accumulate $1,000,000 in his retirement fund by that time. If the int

erest rate is 12 percent per year, how much should Mr. Hopper put into his retirement fund at the end of each year in order to achieve this goal? a) $8,287.32 b) $12,483.17 c) $4,143.66 d) $4,000.00
Business
1 answer:
larisa86 [58]3 years ago
7 0

Answer:

Annual payment = $4,143.66 (Approx)

Explanation:

Given:

P = $1,000,000

r = 12% = 0.12

n = 30

Find:

Annual payment

Computation:

Annual\ payment=P[\frac{(1+r)^n-1}{r} ] \\\\Annual\ payment=1,000,000[\frac{(1+0.12)^{30}-1}{0.12} ] \\\\ Annual\ payment=4143.66

Annual payment = $4,143.66 (Approx)

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Incomplete question. However, I answered based on the information.

Explanation:

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Hence, we can conclude,

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3 years ago
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Answer:

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Explanation:

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