Gina Dare, who wants to be a
millionaire, plans to retire at the end of 40 years. Gina’s plan is to
invest her money by depositing into an IRA at the end of every year.
What is the amount that she needs to deposit annually in order to
accumulate $1,000,000? Assume that the account will earn an annual rate
of 11.5%. Round off to the nearest $1.
a.$1,497
b.$5,281
c.$75
d.$3,622
a.$1,497
b.$5,281
c.$75
d.$3,622
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