Multiple Choice
Hyun just turned 25 today. By her 60th birthday she would like to have $1,000,000 saved. She plans to invest equal annual payments beginning with her 26th birthday and ending on her 60th birthday. If all invested funds earn 8% annually, how much does she need to invest each year to have exactly $1,000,000 by her 60th birthday?
A) $28,571.43
B) $6,304.11
C) $5,803.26
D) $5,344.67
Correct Answer:
Verified
Correct Answer:
Verified
Q6: What happens to the present value of
Q7: An investment that pays $1,000 in a
Q8: An investment promises to return $1,000 at
Q9: Everything else being the same, the higher
Q10: You have invested $5,000 into a certificate
Q12: What is the present value of $7,500
Q13: Which of the following properly describes the
Q14: A money multiplier certificate is selling for
Q15: What is the future value of $1,500
Q16: You plan to invest $2,000 annually. The