How much money must you save each year, beginning 1 year from now, in order to accumulate $3,000,000 by the end of 25 years to live comfortably in retirement? Assume the funds in your IRA earn 8% annually. Note: This problem is the future value of an ordinary annuity (FVAord) and I am asking you to find the annual PMT (or C as our authors note in the text). Finally, please round your answer to the nearest whole dollar ($1).

Annual Payments (PMT, of C) =