Assume your goal in life is to retire with one million dollars. How much would you need to save at the end of each year if interest rates average 4% and you have a 25-year work life?  a. $752,952 b. $200,204 c. $40,000 d. $24,012

You want to accumulate $1 million by your retirement date, which is 25 years from now. You will make 25 deposits in your bank, with the first occurring today. The bank pays 8% interest, compounded annually. You expect to receive annual raises of 3%, which will offset inflation, and you will let the amount you deposit each year also grow by 3% (i.e., your second deposit will be 3% greater than your first, the third will be 3% greater than the second, etc.). How much must your first deposit be if you are to meet your goal?

Assume your goal in life is to retire with $3,200,000.How much would you need to save at the end of each year if interest rates average 4​%and you have a 30−year work​ life? (Round the final answer to the nearest whole​ dollar.)       A. $213,333   B. $4,267   C. $986,620   D. $57,056

Assume your goal in life is to retire with four million dollars. How much would you need to save at the end of each year if interest rates average 6​% and you have a 20−year work​ life?   A. $1,247,219 B. $108,737 C. $400,000 D. $12,000