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You are saving for retirement. To live comfortably, you decide you will need to save 1 million by the time you are 65 . Today
You are saving for retirement. To live comfortably, you decide you will need to save 1 million by the time you are 65 . Today is your 34th birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 4% , how much must you set aside each year to make sure that you will have 1 million in the account on your birthday? The amount to deposit each year is $?(Round to the nearest dollar.)
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