John Smith wants to retire in 15 years. He anticipates he will need $3,000,000 to retire. John has an account that currently pays 5% compounded annually. If John has $1,100,000 in his account today how much additional money must he[ deposit in the account today to have $3,000,000 when he retires? (Use the appropriate factor table and round the answer to the nearest dollar). $343,060 $962,000 $601,250 $1,250,000 None of the above