The first picture is the question that needs to be answered, and the second picture is an example problem. I am getting $1,057,754,50, but I want to ensure that is correct.

you will have $4 million in the account on your 65 th birthday? The amount to deposit each year is $ (Round to the nearest dollar.) You are saving for retirement. To live comfortably, you decide you will need to save $5 million by the time you are 65 . Today is your 19 th birthday, and you decide, starting today and continuing on every birthday up to and including your 65 th birthday, that you will put the same amount into a savings account. If the interest rate is 6.5%, how much must you set aside each year to make sure that you will have $5 million in the account on your 65 th birthday? Therefore, PV=C0.0651(1(1+0.065)461)+C To derive the PV so that you can solve for the unknown, C, you can discount the $5,000,000 to be received in 46 years assuming a 6.5% interest rate using this formula: PV=(1+r)nC where C is cash flow (future value), r is the interest rate, and n is the number of years. Therefore, PV=(1+0.065)46$5,000,000=$275,986.63 Using a financial calculator or Excel