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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
$3
million by the time you are
65.
Today is your
23rd
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
9%,
how much must you set aside each year to make sure that you will have
$3
million in the account on your
65th
birthday?
image text in transcribed
You are saving for retirement. To live cornfortably, you decide you will need to save $3 million by the time you are 65 . Today is your 23 ed birthday. and you decide, starting today and continuing on every birthday up to and including your 65 th birthday, that you will put the same amount into a savings account. If the interest rate is 9%, how much must you set aside each year to make sure that you will have $3 milion in the account on your 65 th birthday? The amount to deposit each year is (Round to the nearest dollar.)

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