QUESTION $5$

Mr$.$ Baker expects to retire in $25$ years, and he wishes to accumulate $$750,000$ in his retirement fund by that time. If the interest rate is $9$ percent per much should Mr$.$ Baker put into his retirement fund each year in order to achieve this goal? $($Assume that he makes payments at the end of each ye

$$ $$4,559\mathrm{.}44$

$$7,626\mathrm{.}05$

$$6,555\mathrm{.}18$

$$30,000$

$$8,854\mathrm{.}69$