Sam wants to save $1,650,000. He currently has $131,110 saved. In order to grow his...
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Sam wants to save $1,650,000. He currently has $131,110 saved. In order to grow his savings to $1,650,000, Sam plans to make a deposit to his investment account the first day of every year, beginning today, for the next 10 years. His friend Annie serves as his investment advisor and has assured him he can expect a 8% return in her high-yield investment portfolio.
If Annie is correct, how much of an annual deposit will Sam need to make in order for his savings to reach his desired goal? Please show your work.
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