Ernie Els wants to save money to meet two objectives. First, he would like to be able to retire 30 years from now with a retirement income of \($300,000\) per year for 20 years beginning at the end of the 31 years from now. Second, he would like to purchase a cabin in the mountains 10 years from now at an estimated cost of \($350,000.\) He can afford to save only \($40,000\) per year for the first 10 years. He expects to earn 7 percent per year from investments. Assuming he saves the same amount each year, what must Ernie save annually from years 11 to 30 to meet his objectives?