Joey is saving for retirement and has determined that to live comfortably he must save $5 million by his 70th birthday. Joey has just turned 21 today, and he has decided that, starting today and continuing on every birthday up to and including his 70th birthday, he will deposit the same amount into an individual retirement account (IRA). The interest rate on the IRA is 5%.

What amount must Joey set aside each year to make sure that he will have $5 million in his account on his 70th birthday?

Please do not answer with an excel sheet. I need to see it written down with the formulas. Thank you!