Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you want to have $1.05 million in real dollars in

You want to have $1.05 million in real dollars in an account when you retire...

50.1K

Verified Solution

Question

Finance

You want to have $1.05 million in real dollars in an account when you retire in 38 years. The nominal return on your investment is 8 percent and the inflation rate is 1.5 percent. What is the real amount you must deposit each year to achieve your goal?

A. $10,667.67

B. $10,878.49

C. $11,194.39

D. $11,302.03

E. $11,744.12

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

In order to improve reliability: A. Repeat your measurements several times B. Take the average of several...

Chemistry
1.2K views

Calculate the solubility (in mol/L) of lead(II) chloride, PbCl2, at 25 degrees celsius. Ksp = 1.59...

Physics
1.2K views

Concepts/Description a. Discuss the difference between internal quantum efficiency and external quantum efficiency of a LED. b. Describe...

Psychology
1.2K views

Support or refute the argument that Hispanic immigrants are not learning English. Given the growing linguistic...

Mechanical Engineering
1.2K views

Explain two reasons why plate structures affects significantly the lightweight (i.e. ship hull, machinery, outfit and...

Physics
1.2K views

A flat cushion of mass m is released from rest at the corner of the roof...

Electrical Engineering
1.2K views

Q5. (a) Give five names of different traditional speed-control methods of induction motor. (b) For an induction...

Physics
1.2K views

A farmer uses a tractor to pull a 190 kg bale of hay up a...

Basic Math
1.2K views

In a random sample of size 100 taken from a population of size 1,000, the...

Statistics
1.2K views

14 X In order to support the alternative hypthesis the obtained value must be O...

Algebra
1.2K views

f x x 4x 8x 12x 15 Step 3 of 4 Find the x intercept...

Accounting
1.2K views

Sheffield Inc. reported Income from Continuing Operations before taxes during 2025 of $811,200. Additional transactions...