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You are saving for retirement. To live comfortably, you decide you will need to save $ 3 million by the time you are 6 5
You are saving for retirement. To live comfortably, you decide you will need to save $ million by the
time you are Today is your th birthday, and you decide, starting today and continuing on every
birthday up to and including your th birthday, that you will put the same amount into a savings
account. If the interest rate is how much must you set aside each year to make sure that you will
have $ million in the account on your th birthday?
The amount to deposit each year is $
Round to the nearest dollar.
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