Randy Hill wants to retire in 20 years with $1,000,000. If he can earn 8% per year on his investments, how much does he need to deposit each year to reach his goal? Round your answer to the nearest dollar. a) $50,000 Ob) $21,352 Oc) $21,852 d) $4,576

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
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Chapter5: The Time Value Of Money
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Randy Hill wants to retire in 20 years with $1,000,000. If he can earn 8% per year on
his investments, how much does he need to deposit each year to reach his goal?
Round your answer to the nearest dollar.
a) $50,000
Ob) $21,352
Oc) $21,852
d) $4,576
Transcribed Image Text:Randy Hill wants to retire in 20 years with $1,000,000. If he can earn 8% per year on his investments, how much does he need to deposit each year to reach his goal? Round your answer to the nearest dollar. a) $50,000 Ob) $21,352 Oc) $21,852 d) $4,576
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