Randy Hill Wants to Retire in 20 Years with $1,000,000

Multiple Choice

Randy Hill wants to retire in 20 years with $1,000,000. If he can earn 10% 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) $17,460
B) $18,000
C) $5,727
D) $25,000
E) None of the above