Mary Jones wants to retire in 15 years. She anticipates she…
Mary Jones wants to retire in 15 years. She anticipates she will need $2,500,000 to retire. Mary has an account that currently pays 5% compounded annually. If Mary has $900,000 in her account today how much additional money must she deposit in the account today to have $2,500,000 when she retires (use the appropriate factor table(s) to answer the question and round your answer to the nearest dollar).