Question: You have determined that you will need $3,000,000 when you retire in 40 years. You plan to set aside a series of deposits each year

You have determined that you will need $3,000,000 when you retire in 40 years. You plan to set aside a series of deposits each year in a savings account with the interest rate of 12% per year to reach this goal. You will put the first deposit in the account one year from today, and the deposit amount will grow with your income by 3% per year. Calculate your first annual deposit and last deposit into this account. 10 marks

(10 Points)

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