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David wishes to accumulate $1 million by the end of 20 years by making equal annual end-of-year deposits over the next 20 years. if david can earn 10 percent on his investments, how much must he deposit at the end of each year? $50,000 $17,460 $14,900 $117,453

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Aliwohaish12
The formula of the future value of an annuity ordinary is
Fv=pmt [(1+r)^(n)-1)÷r]
Fv accumulated amount 1000000
PMT annual payment ?
R interest rate. 0.1
N time 20 years
Solve the formula for PMT
PMT=FV÷[(1+r)^(n)-1)÷r]
PMT=1,000,000÷(((1+0.1)^(20)−1)÷(0.1))
PMT=17,459.62 round your answer
PMT=17460

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