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Find how much must set aside each year

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Problem 1: You are saving for retirement. To live? comfortably, you decide you will need to save $1 million by the time you are 65. Today is your 22nd ?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 5%?, how much must you set aside each year to make sure that you will have $1 million in the account on your 65th ?birthday?

Reference no: EM132828541

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