You plan to retire in 48 years, and you have decided that it's time to...
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You plan to retire in 48 years, and you have decided that it's time to start saving for retirement. You believe that, in order to live comfortably, you will need to have $3,000,000 in your account when you retire in 48 years. To this end, you want to make annual contributions to a retirement account, starting today, and ending on your retirement date. (You will make your first contribution today, at t = 0, and your last contribution when you retire, at t = 48.) Your contributions will increase by 5% per year. The interest rate on the retirement account is 4%. How much do you have to contribute today (at t = 0), in order to reach your goal
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