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Dennis McDaniel has just started working with the BCN Ltd . as a sales representative and is just trying to catch up on having money

Dennis McDaniel has just started working with the BCN Ltd. as a sales representative and is just trying to catch up on having money for retirement. BCN offers him a pension plan with an annuity that is guaranteed to earn 8% interest compounded annually. He plans to work for 20 years before retiring and would then like to be able to draw an income of $500,000 per month for 15 years. How much must be deposited per annum into his retirement fund to accomplish this?

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