Mitch opened a retirement account that has an annual yield of 4.2%. He is planning on retiring

Question:

Mitch opened a retirement account that has an annual yield of 4.2%. He is planning on retiring in 13 years. How much must he deposit into that account each year so that he can have a total of $1,000,000 by the time he retires? Round to the nearest $10,000 dollars.
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Question Posted: