Answer:
$12159 per year.
Step-by-step explanation:
If I invest $x each year at the simple interest of 7.5%, then the first $x will grow for 35 years, the second $x will grow for 34 years and so on.
So, the total amount that will grow after 35 years by investing $x at the start of each year at the rate of 7.5% simple interest will be given by
=
=
{Since sum of n natural numbers is given by }
= 35x + 47.25x
= 82.25x
Now, given that the final amount will be i million dollars = $1000000
So, 82.25x = 1000000
⇒ x = $12,158. 05 ≈ $12159
Therefore. I have to invest $12159 per year. (Answer)