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 interest 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. $4,143.66 B. $8,287.32 C. $4,000.00 D. $12,483.17
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 interest 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. $4,143.66 B. $8,287.32 C. $4,000.00 D. $12,483.17
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 10P
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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 interest 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. $4,143.66
B. $8,287.32
C. $4,000.00
D. $12,483.17
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