Calculating Annuity Payments You want to be a millionaire when you retire in 40 years, how much

Question:

Calculating Annuity Payments You want to be a millionaire when you retire in 40 years, how much do you have to save each month if you can earn an 11 percent annual return? How much do you have to save if you wait 10 years before you begin your deposits? 20 years?

Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...