Using Time Value to Estimate Savings. DeMarcus wants to retire with $$1$ million in savings by the time he turns $65.$

He is currently $18$ years old. How much will he need to save each year, assuming he can get a $12\%$ annual return on

his investments?

The amount DeMarcus will need to save each year, PMT$,$ is $

$($Round to the nearest cent.$)($Use your

financial calculator or you may use the Financial Tables in Appendix $C$ in computing your answer.$)$