You Are 30 Years Old and You Want to Retire

Multiple Choice

You are 30 years old and you want to retire at age 60 with $1.5 million.You are going to make equal annual deposits into your savings account at the end of each year in order to save up this money.Your savings account pays 8% interest.What amount must you deposit each year?

A) $13,241.15
B) $12,160.93
C) $14,227.80
D) $13,274.34
E) $14,506.85