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ICE Princess25 [194]
2 years ago
5

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% per year, how much should Mr. Hopper put into his retirement fund at the end of each year in order to achieve this goal
Business
1 answer:
Karo-lina-s [1.5K]2 years ago
3 0

Answer:

Annual deposit = $4100

Explanation:

Annual deposit = $4100

Number of years for retirement = 30 years

Future value of money = $1000000

Interest rate = 12%

Now use the below formula to find the annuity amount.

Annual deposit = Future value (A/F, r, n)

Annual deposit = 1000000 (A/F, 12%, 30)

Annual deposit = 1000000(0.0041)

Annual deposit = $4100

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