Naomi is a 20-year old college student with an assignment to write out her plans for retirement. She is investigating several ways she can accumulate $1 million by the time she is 50 years old. She is considering a long-term certificate of deposit (CD) that pays 3%
annually
Answer part 1 to help her calculate how much money she will need to deposit each year to accumulate $1 million.
PART 1. Calculate the amount Naomi will need to deposit each year into the CD at 3%