31.

A salesman with a marketing degree from the business school wants to retire at the age of 50. This is exactly 25.00 years from today. To retire at 50, the salesman believes he will need $4,432,013.00 in savings. He wants to start a mutual fund and will make annual payments into the fund. His first contribution will be today (annuity due) and his last contribution will be when he turns 49. (25.00 total payments). He thinks he can earn 8.00% per year on average on his invested funds. What annual payment is required to reach his retirement goal? Submit Answer format: Currency: Round to: 2 decimal places