Mr Hopper Expects to Retire in 25 Years, and He

Multiple Choice

Mr. Hopper expects to retire in 25 years, and he wishes to accumulate $750,000 in his retirement fund by that time. If the interest rate is 10 percent per year, how much should Mr. Hopper put into his retirement fund each year in order to achieve this goal? (Assume that he makes payments at the end of each year.)

A) $4,559.44
B) $2,500
C) $7,626.05
D) $8,418.29