Penny is 25 and has a dream of accumulating $3,000,000 by the time she is 50 (in 25 years) so that she can retire. She expects to achieve annual returns of 10% on her investment. Assuming she has $0 saved and plans to make level annual contributions, how much will she need to contribute each year to reach her goal assuming she makes her first contribution at the end of this each year?

Answer rating: 100% (QA)

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