Problem 4-34 Growing Annuity Payments

You want to accumulate $1 million by your retirement date, which is 25 years from now. You will make 25 deposits in your bank, with the first occurring today. The bank pays 7.81% interest, compounded annually. You expect to get an annual raise of 6%, which will offset inflation, and you will let the amount you deposit each year also grow by 6% (i.e., your second deposit will be 6% greater than your first, the third will be 6% greater than the second, etc.). How much must your first deposit be to meet your goal? Round your answer to the nearest cent.

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