Saving for retirement-amount to deposit

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Reference no: EM132009745

You are saving for retirement. To live comfortable you decide you will need to save $2 million by the time you are 65. Today is your 29th 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 acccount. If the interest rate is 4%, how much must you set aside each year to make sure that you will have $2million in the account on your 65th birthday?

The amount to deposit each your is $_______ (round to the nearest dollar)

Reference no: EM132009745

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