document.write( "Question 1036407: You think you need 1.5 million and your retirement advisor thinks you will average 8% a year on your account. How much will you need to contribute a year to your account if you have 40 years to your retirement? \n" ); document.write( "

Algebra.Com's Answer #651139 by MathTherapy(10552) $\"\"$ $\"About$

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\n" ); document.write( "You think you need 1.5 million and your retirement advisor thinks you will average 8% a year on your account. How much will you need to contribute a year to your account if you have 40 years to your retirement?
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You need to use the formula to calculate the payment on the FUTURE VALUE of an ORDINARY ANNUITY, which is: , where:
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document.write( "  = Payment, per period (Unknown, in this case)
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document.write( " = Future Value of an ordinary annuity ($1,500,000, in this case)
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document.write( "    = Annual Interest rate (8%, or .08, in this case)
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document.write( "    = Compounding periods, per year (annual, or 1, in this case)
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document.write( "    = Time, in years (40, in this case)\r
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document.write( "After substituting the various variables, you should get an annual payment (PMT) of  \n" );
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