You are saving for retirement. Suppose you want to have one million dollars in your account...

 

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You are saving for retirement. Suppose you want to have one million dollars in your account when you retire in 34 years, and that you will deposit an equal amount of money at the end of each year, with the first payment deposited one year from now. If your investment can earn an average rate of return of 7.0% annually, how much do you need to invest each year? (Round to the nearest dollar). You are saving for retirement. Suppose you want to have one million dollars in your account when you retire in 34 years, and that you will deposit an equal amount of money at the end of each year, with the first payment deposited one year from now. If your investment can earn an average rate of return of 7.0% annually, how much do you need to invest each year? (Round to the nearest dollar).

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