John is an engineering consultant planning to retire forty years from today. He has determined that he needs $50,000 per year once he retires, with the first retirement funds withdrawn one year from the day he retires. He estimates that he will earn 6% per year on his retirement funds and that he will need funds up to and including the 25th year after retirement.
How much will John have to deposit each year in an account, starting one year from today, so that he will have enough funds for retirement?