Gina Dare who wants to be a millionaire plans toretire at the end of 40 years. G

Gina Dare who wants to be a millionaire plans toretire at the end of 40 years. Ginas plan is to invest her moneyby depositing into an IRA at the end of every year. What is theamount that she needs to deposit annually in order to accumulate$1000000? Assume that the account will earn an annual rate of11.5%. Round off to the nearest $1.