Mr Hopper Is Expected to Retire in 30 Years and He

Multiple Choice

Mr. Hopper is expected to retire in 30 years and he wishes accumulate $1,000,000 in his retirement fund by that time. If the interest rate is 12% per year, how much should Mr. Hopper put into the retirement fund each year in order to achieve this goal?

A) $4,143.66
B) $8,287.32
C) $4,000
D) None of the above