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

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Finance

You are saving for retirement. To live comfortably, you decide you will need to save $2,000,000 by the time you are 65. Today is your 25 th birthday, and you decide, starting today and continuing on every birthday
up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 7%, how much must you set aside each year to make sure that your will have $2,000,000 in the
account on your 65th birthday?
The amount to deposit each year is
(Round to the nearest cent.)
image

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