Question: How much must you save annually, beginning 1 year from now, in order to accumulate $2,500,000 by the end of 35 years to cover your

How much must you save annually, beginning 1 year from now, in order to accumulate $2,500,000 by the end of 35 years to cover your living expenses in retirement? Assume the funds in your IRA earn 10% annually. Also, how much total interest has been earned on your savings? Note: This problem is the future value of an ordinary annuity (FVA_ord) and I am asking you to find the annual PMT (or C as our authors note in the text). Finally, please round your answer to the nearest whole dollar ($1).

Annual Payments (PMT, of C)=

Total Interest Earned =

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