Naomi is a20-year old college student with an assignment to write out her plans for retirement. She is investigating several ways she can accumulate$1 million by the time she is 50 years old. She is considering along-term certificate of deposit(CD) that pays 2% annually and an annuity that returns 3% annually. She also did research and found that the averagelong-term return from stock market investments is between 7% and 9%.

1. Calculate the amount Naomi will need to deposit each year into the CD at 2% for 30 years to accumulate$1 million.