You plan to retire a millionaire at the end of 40 years. Your plan is to invest your money by depositing it into an IRA account at the end of every year. What is the amount you need to deposit annually in order to accumulate $1,000,000? Assume your account will earn an annual rate of 11.5%.

Answer rating: 100% (QA)

Maturity Period n 40 years Interest Rate i 115 ... View the full answer