You’d like to buy a small ranch when you retire in 38 years. You estimate that in 38 years you’ll need $9 million to do so. If your savings can earn 1.0% per month, how much will you need to save each month (for 38 years), starting next month, in order to reach your goal? Round to the nearest cent. ​[Hint: We are trying to solve for the cash flows of an annuity. The formula we need to use is dictated by whether we are given the PV or the FV of that annuity. Also, we are given the monthly interest rate, which is i/m in our formulas.]

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