David Wishes to Accumulate $1 Million by the End of 20

Multiple Choice

David wishes to accumulate $1 million by the end of 20 years by making equal annual end-of-yeardeposits over the next 20 years. If David can earn 10 percent on his investments, how much must hedeposit at the end of each year?

A) $117,453
B) $14,900
C) $17,460
D) $50,000