Naomi Dexter is 20 years old and attends Southwest Tennessee Community College. Her Business English instructor asked her to write a report detailing her plans for retirement. Naomi decided she would investigate several ways to accumulate $1 million by the time she retires. She also thinks she would like to retire early when she is 50 years old so she can travel around the world. She is considering a long-term certificate of deposit (CD) that pays 3% annually, and an annuity that returns 6% annually. She also did a little research and learned that the average long-term return from stock market investments is between 10% and 12%. Now she needs to calculate how much money she will need to deposit each year to accumulate $1 million.

1. If Naomi wants to accumulate $1,000,000 by investing money every year into her CD at 3% for 30 years until retirement, how much does she need to deposit each year?