Zheng Sen Wishes to Accumulate $1 Million by the End

Multiple Choice

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

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