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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