What is the subject of Example 14 ? Discuss the real-life application of this example in your own life. Write at least a one-page paper and introduce some new mathematics into your discussion.

Data from Example 14

Your first child has just been born. You want to give her 1 million dollars when she retires at age 65. If you invest your money on the day of her birth, how much do you need to invest so that she will have $1,000,000 on her 65th birthday?