John is 25 years old and wants to have 1 million dollars in savings by the time he retires at 65. He plans to open a savings account that pays 4% interest compounded quarterly and he will be making $250 quarterly deposits into the account. John will need to make an initial deposit of $ to reach his goal of 1 million dollars in savings at retirement. (Hint consider the initial deposit as a compound interest problem and the quarterly deposits as an annuity and the final amount as the combination of these two parts.) Question Help: Message instructor Submit