A client is planning for retirement. They would like to have $$1\mathrm{.}2$ million saved by age $65($EOY$).$ How much would they need to save per year if the client is $32$ and expects to earn $7\%$ on her investment? Assuming a rate of $4\%$ and life expectancy of $80($EOY$),$ how much income would the client receive per year in retirement if the client elected to receive the money in equal installments each year?