You are saving for retirement. To live comfortably, you decide you will need to save $$2$ million

by the time you are $65.$ Today is your $30$th birthday, and you decide, starting today and

continuing on every birthday up to and including your $65$th birthday, that you will put an amount

into a savings account. Because your income will increase over your lifetime, it would be more

realistic to save less now and more later. You decide to let the amount that you set aside grow

by $3\%$ per year.

If the interest rate is $5\%,$ how much must you set aside each year to make sure that you will

have $$2$ million in the account on your $65$th birthday?QYou are saving for retirement. To live comfortably, you decide you will need to save $$2$ million

by the time you are $65.$ Today is your $30$th birthday, and you decide, starting today and

continuing on every birthday up to and including your $65$th birthday, that you will put an amount

into a savings account. Because your income will increase over your lifetime, it would be more

realistic to save less now and more later. You decide to let the amount that you set aside grow

by $3\%$ per year.

If the interest rate is $5\%,$ how much must you set aside each year to make sure that you will

have $$2$ million in the account on your $65$th birthday?