A financial adviser tells you that you can make your child a millionaire if you just start saving early.

A financial adviser tells you that you can make your child a millionaire if you just start saving early. You decide to put an equal amount each year into an investment account that earns 8 % interest per year, starting on the day your child is born. How much money would you need to invest each year [rounded to the nearest dollar] to accumulate a million for your child by the time they are 50 years old [You last deposit will be made on their 49th birthday.