The amount to deposit each year

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Reference no: EM131854026

You are saving for retirement. To live comfortably, you decide you will need to save $4 millin 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 10%, how much must you set aside each year to make sure that you will have S4 million in the account on your 65th birthday?

The amount to deposit each year is $ (Round to the nearest dollar)

Reference no: EM131854026

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