You would like to save $$1,000,000$ by the time you turn $45.$ If you make annual payments into an account earning $8\%$ for $22$ years, how much will each payment need to be$?$ Assume you make your first payment at the end of year $1($i$.$e$.,$ it is an ordinary annuity$\mathrm{).}$

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To calculate the amount of each annual payment you need to make in order ... View the full answer