Answer:
The answer is C ($5,818)
Step-by-step explanation:
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Division is one of the four fundamental arithmetic operations. The amount that is needed to be saved annually is $5,818.18.
Division is one of the four fundamental arithmetic operations, which tells us how the numbers are combined to form a new one.
Given you contribute $4,000 (1st year), $3,500 (2nd year), $1,500 ( 3rd year), and $2,000 (4th year) into your retirement fund. Therefore, the total amount saved till now will be,
Total amount save till now = $4,000 + $3,500 + $1,500 + $2,000
= $11,000
As the goal is to save $75,000, therefore, the amount that is needed to be put in the fund can be calculated as,
The amount needed to put in = $75,000 - $11,000 = $64,000
As the time in which this amount is needed to be saved is 11 years, therefore, the amount that is needed to be saved annually is,
Amount needed to be annually = $64,000/11 = $5,818.18
Hence, the amount that is needed to be saved annually is $5,818.18.
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