You are saving for retirement. To live comfortably, you decide you will need to save $4 million by the time you are 65 . Today is your 21st 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 $4 million in the account on your 65th birthday?

How much to deposit each year?