At age 30, you start saving for retirement. If your savings plan pays 8% and you want to have $3,000,000 when you retire in 35 years, how much do you need to deposit monthly. Can someone teach me the steps of solving this problem?

Question

cwtan · Answer

1st Year--3000000
2nd year--3000000(1.08)
3rd year--3000000(1.08)(1.08)
It produce a geometrical series with a=3000000,r=1.08
and we want to find the 5th term
5th Term= 3000000($1.08^4$)

cwtan · Answer

sorry i see wrong we need to find the 35th term not 5th term
35th term= 3000000($1.08^{34}$)

cwtan · Answer

sorry again i see wrong the question == 
it's 35th term=a($1.08^{34}$)=3000000
and u need to find a

anonymous · Answer

$$S=P[(1+\left(\begin{matrix}r \n ?\end{matrix}\right)nt-1]$$I have to use this formula to solve the question

cwtan · Answer

ooo

cwtan · Answer

Sorry I can't help  u with the formula

anonymous · Answer

thanks for trying to help me