Finance Help Please!! Achieving Deposit help

Posted on 2014-03-29 06:51:00 in Finance by HOCKEYFAN1993

Need Help With This Finance Problem:



You want to have $1.5 million in real dollars in an account when you retire in 40 years. The nominal return on your investment is 13 percent and the inflation rate is 6 percent. What real amount must you deposit each year to achieve your goal? (Do not round your intermediate calculations.)



A:$8,317.58

B:$1,479.72

C:$8,733.45

D:$8,650.28

E:$7,901.7



I keep on doing what my book tells me to do but the homework system I am using keeps telling me im wrong. Can anyone help!! I got choice E but i have a feeling i messed up somewhere. Please help me

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