andré is looking ahead to his retirement. He wants to have $580,000 in his savings account when he retires. How much must he deposit into his account now (a one-time deposit), if the account pays a Red IHIUPOS. account has $580,000 when he retires, 25 years from now? Assume that André will not make any additional deposits or withdrawals into or out of the account between now and when he reaches retirement. O A. $94,165 O B. $77,846 O C. $121,070 O D. $67,261

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 36P
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(MORNING)
André is looking ahead to his retirement. He wants to have $580,000 in his savings account when he retires. How much must he deposit into his account now
account has $580,000 when he retires, 25 years from now?
Assume that André will not make any additional deposits or withdrawals into or out of the account between now and when he reaches retirement.
one-time deposit), if the account pays a fixed interest rate of 9%, to ensure that the
O A. $94,165
O B. $77,846
O C. $121,070
O D. $67,261
O Time Remaining: 00:19:52
Next
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Transcribed Image Text:(MORNING) André is looking ahead to his retirement. He wants to have $580,000 in his savings account when he retires. How much must he deposit into his account now account has $580,000 when he retires, 25 years from now? Assume that André will not make any additional deposits or withdrawals into or out of the account between now and when he reaches retirement. one-time deposit), if the account pays a fixed interest rate of 9%, to ensure that the O A. $94,165 O B. $77,846 O C. $121,070 O D. $67,261 O Time Remaining: 00:19:52 Next 9 MacBook Air DII DO F12 80 F9 F7 F8 F6 FS esc F3 F4 F1 F2 & @ $ delete ! 7 1 2 { R T Y Q W J K H ? |.. .- * 00
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