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How much must someone set aside each year

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Problem 1: To live comfortably in retirement, they see that it will be needed to save $2 million by the time someone is 65 (being that they are 30 years old today). they will start a new retirement savings account today and contribute the same amount of money on every birthday up to and including their 65th birthday. Using TVM principles, how much must someone set aside each year to make sure that they hit their target goal if the interest rate is 5%? What flaws might exist in their calculations, and what variables could lead to different outcomes? What actions could someone take ensure they reach their target goal?

Reference no: EM132636850

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