Question

Gina Dare, who wants to be a millionaire, plans to retire at the end of 40 years. Gina's plan is to invest her money by depositing into an IRA at the end of every year. What is the amount that she needs to deposit annually in order to accumulate $1,000,000? Assume that the account will earn an annual rate of 11.5%. Round off to the nearest $1

Answer 1

Therefore, the amount of deposit required to be invested annually by Gina Dare is $3,289.47.

Who is a Millionaire?

A person is considered a millionaire if their wealth or net worth is at least one million dollars. Being a millionaire can have a certain level of prestige depending on the currency. In nations that employ the short scale number naming system, a person is considered to be a billionaire if they own at least 1,000 million dollars, euros, or the local currency.

Many national currencies currently have low unit values or had in the past, often as a result of previous inflation. Being a millionaire in other currencies is obviously more simpler and less significant; as a result, in Hong Kong or Taiwan, for example, a millionaire (in the native currency), may just be averagely affluent, or perhaps less wealthy than average.

To learn more on Millionaire from the link:

https://brainly.com/question/28041617

#SPJ4