PS8 #5

Derek plans to retire on his 65 th birthday. However, he plans to work part-time until he turns 71.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 71.0 when he fully retires, he will wants to have $3,034,406.00 in his retirement account. He he will make contributions to his retirement account from his 26 th birthday to his 65 th birthday. To reach his goal, what must the contributions be? Assume a 9.00% interest rate. Answer format: Currency: Round to: 2 decimal places