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John Smith wants to retire in 25 years. He anticipates he...

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Accounting

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John Smith wants to retire in 25 years. He anticipates he will need $5,000,000 to retire. John has an account that currently pays 6% compounded annually. If John has $800,000 in his account today how much additional money must he deposit in the account today to have $5,000,000 when he retires? Use the appropriate factor table(s) to answer the question. (round to the nearest dollar) $1,166,500 $1,123,800 $365,000 $986,200 O None of the above

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