Question: You plan to retire in 40 years. You want to begin funding your retirement savings account immediately and will also do so at the beginning of February for the next 39 years (40 deposits in total). You would like to have $2,000,000 in your account at that time. You believe that you can earn 5%/ year over your working life.
How much will you need to deposit each year to meet your goal? Ignore Income Tax for this computation. Please show calculations and formula used.