li, a recent industrial engineer graduate, would like to have $1.5 million accumulated at the time of retirement 20 years from today. In addition, he intends to increase his yearly deposit by 5% ach year, starting year 1 onwards. The first deposit he should make in year 1, with a 12% interest rate is close to: O $15015 O $5,726 O $33,378 O $2,730

li, a recent industrial engineer graduate, would like to have $1.5 million accumulated at the time of retirement 20 years from today. In addition, he intends to increase his yearly deposit by 5% ach year, starting year 1 onwards. The first deposit he should make in year 1, with a 12% interest rate is close to: O $15015 O $5,726 O $33,378 O $2,730

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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