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Mr. Smith wishes to retire in 11 years. When he retires he would like to...

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Accounting

Mr. Smith wishes to retire in 11 years. When he retires he would like to have $500,000 in his bank account. Mr. Smith's bank pays 6% per year compounded annually. How much should he deposit now to attain his goal?

a) $263,395.76

b) $263,397.76

c) $263,393.76

d) $263,394.76

e) $263,396.76

f) None of the above.

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