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borteleto borteleto
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5 years ago
A financial advisor tells you that you can make your child a millionaire if you just start saving early. You decide to put an equal amount each year into an investment account that earns 7.5% interest per year, starting on the day your child is born. How much would you need to invest each year (rounded to the nearest dollar) to accumulate a million for your child by the time he is 35 years old? (Your last deposit will be made on his 34th birthday.)
A) $6,031
B) $7,910
C) $12,500
D) $20,347
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DeanaRayDeanaRay
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5 years ago
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borteleto Author
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#2
5 years ago
Tremendous help, I just double-checked it with my friend Smiling Face with Open Mouth
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