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You are saving for retirement. To live comfortably, you decide you will need to save...

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Accounting

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You are saving for retirement. To live comfortably, you decide you will need to save $1,000,000 by the time you are 65 . Today is your 23rd birthday, and you decide, starting today and continuing on every birthday up to and including your 65 th birthday, that you will put the same amount into a savings account. If the interest rate is 8%, how much must you set aside each year to make sure that you will have $1,000,000 in the account on your 65 th birthday? The amount to deposit each year is $ (Round to the nearest dollar.)

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