Problem:
Zheng Sen wishes to accumulate $1 million by the end of 20 years by making equal annual end - of -year deposits over the next 20 years.
Required:
Question: If Zheng Sen can earn 10 percent on his investments, how much must he deposit at the end of each year?
a. $ 17,460
b. $ 50,000
c. $ 14,900
d. $117,453
Note: Explain all calculation and formulas.