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Gary Kornig will be 30 years old next year and wants to retire when he is 65. So far he has saved (1) $7,212 in

Gary Kornig will be 30 years old next year and wants to retire when he is 65. So far he has saved (1) $7,212 in an IRA account in which his money is earning 8.3 percent annually and (2) $5,244 in a money market account in which he is earning 5.25 percent annually. Gary wants to have $1,000,000 when he retires. Starting next year, he plans to invest the same amount of money every year until he retires in a mutual fund in which he expects to earn 7.49 percent annually. How much will Gary have to invest every year to achieve his savings goal?

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