An individual is now50 years old, that he plans to retire in 10 years, and that he expects to livefor 25 years after he retires, that is, until he is 85. He wants a fixed annualretirement income of $65,156. His retirement income will begin the day heretires, 10 years from today, and he will then get 24 additional annualpayments. He currently has $100,000 saved up; and he expects to earn a returnon his savings of 8 percent per year, annual compounding. To the nearestdollar, how much must he save during each of the next 10 years (with depositsbeing made at the end of each year) to meet his retirement goal?
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