Demarcus wants to retire with 1 million in his savings by the time he turns 70. He is currently 18 years old. How much will he need to save each year, assuming he can get a 9% and he will return on his investment?

Using Time Value to Estimate Savings. DeMarcus wants to retire with $1 million in savings by the time he turns 70. He is currently 18 years old. How much will he need to save each year, assuming he can get a 9% annual return on his investments? The amount DeMarcus will need to save each year, PMT, is $ (Round to the nearest cent.) (Use your financial calculator or you may use the Financial Tables in Appendix C in computing your answer.)