Question: Gary Kornig will be 30 years old next year and wants to retire when he is 65. So far he has saved (1) $6,950 in

Gary Kornig will be 30 years old next year and wants to retire when he is 65. So far he has saved

(1) $6,950 in an IRA account in which his money is earning 8.3 percent annually

(2) $5,000 in a money market account in which he is earning 5.25 percent annually

Gary wants to have $1 million when he retires. Starting next year, he plans to invest the same amount of money every year until he retires in a mutual fund in which he expects to earn 9 percent annually. How much will Gary have to invest every year to achieve his savings goal?

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