You are 22 years old and you want to have $1 million in your retirement account at age 50. How much money do you need to invest each year (to the nearest $100), if you can get an 8% annual rate of return on mutual funds that invest in S&P 500 stocks? OA $35,700 OB.$10,500 OC$15,600 OD. $20,600 Reset Selection

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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You are 22 years old and you want to have $1 million in your retirement account at age 50. How much money do you need to invest each year (to the nearest
$100), if you can get an 8% annual rate of return on mutual funds that invest in S&P 500 stocks?
OA $35,700
OB.$10,500
OC. $15,600
O D. $20,600
Reset Selection
Transcribed Image Text:You are 22 years old and you want to have $1 million in your retirement account at age 50. How much money do you need to invest each year (to the nearest $100), if you can get an 8% annual rate of return on mutual funds that invest in S&P 500 stocks? OA $35,700 OB.$10,500 OC. $15,600 O D. $20,600 Reset Selection
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