You plan on saving money for retirement in 30 years t-30 at, Ask an Expert

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You plan on saving money for retirement in 30 years (t-30) at which time, you wish to have saved $1,000,000. In order to do this, you plan on depositing $10,000 into the bank for 10 years starting next year (last $10,000 deposit at t-10). And then deposit $x every year after that until your retirement day (last deposit of $x at t-30). If the interest rate is 6% per annum, what is the Sx you must deposit?

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