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How big of an annual deposit will bill need

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Question - Bill wants to save up $1,650,000. He currently has $131,110 saved in his mattress and wishes to keep it there. In order to grow his savings to $1,650,000, Bill plans to make a deposit to his investment account the first day of every year, beginning today, for the next 10 years. His friend Monica serves as his investment advisor and has assured him he can expect an 8% return in her high-yield investment portfolio. If Monica is right, how big of an annual deposit will Bill need to make in order for his savings to reach his desired goal?

Reference no: EM132898810

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