Today is your 25th birthday, you are starting a new job, and you plan to begin saving for retirement. Your goal is to have $4 million on your 60th birthday (and retire!). Starting one year from today (t=1), you will deposit $X into an investment account. Each year thereafter, you will deposit 2% more than you did the year before. You will make your final deposit on your 60th birthday (t=35), and this will take your account right to $4 million. You expect to earn 6% each year on invested money (r = 6%).

What is X? Please show all work.