Ian Would Like to Save $2,000,000 by the Time He

Multiple Choice

Ian would like to save $2,000,000 by the time he retires in 40 years. If he believes that he can achieve a 7% rate of return, how much does he need to deposit each year to achieve his goal?

A) $12,065
B) $37,500
C) $5,790
D) $10,018