10. Assume you will be 22 when you graduate from Chapman and start working. You want to have $1,000,000 in your retirement account when you expect to stop working at age 70. The S&P 500 data in Warren Buffett's report to the stockholders of Berkshire Hathaway suggested that over the long term, the S&P 500 could be earning about 10% per year compound with dividends reinvested. Since past performance is no guarantee of future performance, you decide to use a 5.5% annualized rate. How much would you need to put in an S&P 500 index fund (which mimics the S&P 500) in your Roth IRA each year for your 48 years of working to have $1,000,000 in the account when you expect to stop working? Show all work for full credit