John Would Like to Save $1,500,000 by the Time He

question 31

Multiple Choice

John would like to save $1,500,000 by the time he retires in 30 years and believes he can earn an annual return of 8%. How much does he need to invest each year to achieve his goal?

• A) $13,242
• B) $18,900
• C) $20,518
• D) None of the above

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Definitions:

Completing the Square

A mathematical technique used to convert a quadratic equation into a perfect square trinomial, thereby simplifying the procedure of finding the equation's roots.

Round

Rounding is the process of adjusting a number to a nearby value that is shorter, simpler, or more explicit, often to a specified number of decimal places or significant digits.

Completing the Square

A method used in algebra to solve quadratic equations by converting the equation into a perfect square trinomial.

Completing The Square

A method used to solve quadratic equations by adding a constant term to both sides to form a perfect square trinomial.