You wish to start a business and need a total of $50,000 in five years. You have $20,000 saved and can earn 12% on investments. How much do you need to add to your investment account at the end of each year to reach your goal?
a) $6,000
b) $6,500
c) $7,000
d) $7,500
a) $6,000
b) $6,500
c) $7,000
d) $7,500