A $22-$year old college graduate wants to retire at age $65$ with annual income of $$125,000.$ Assuming the individual will live to age $85$ and interest rates on tax favored retirement investments will earn $6\mathrm{.}5\%$ during the accumulation period and $3\%$ during the payout period

How much must the graduate put into a retirement plan annually?

Show all of your inputs and what you solve for to answer the question.