Demarcus wants to retire with $1$ million in savings by the time he turns $60.$ He is currently $18$ years old. How much will he need to save each year, assuming he can get a $10\%$ annual return on his investments? Determine the total number of years until retirement:

$60($retirement age$)-18($current age$)=42$ years

Calculate the future value of the investment $($FV$)$:

FV $=$ $$1,000,000($target retirement amount$)$ Calculate the present value $($PV$)$ of the investment:

PV $=$ FV $/(1+$ interest rate$)^$number of years

PV $=$ $$1,000,000/(1+0\mathrm{.}10)^42$