Question: please explain work Assume that Ray is 38 years old and has 27 years for saving until he retires. He expects an APR of 7.5%

please explain work Assume that Ray is 38 years old and has please explain work

Assume that Ray is 38 years old and has 27 years for saving until he retires. He expects an APR of 7.5% on his investments. How much does he need to save if he puts money away annually in equal end-of-the-year amounts to achieve a future value of $1,200,000 dollars in 27 years' time? O A. $13,844.13 O B. $44,444.44 OC. $20,670.97 OD. $14,882.44

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