A client needs an annual retirement income of $$00,000$ per year in today's dollars. In performing a

retirement needs analysis, the client wants you to assume a $3\%$ annual inflation rato, a $5\mathrm{.}5\%$ after$-$

tax return, and a $25-$year retirement period. The client plans to retire in $15$ years. What is the annual

payment needed at the end of each year to matet the client's retirement income goal using a level

payment savings approach if the client atreadsyas $$400,000$ in their retirement accounts and

Social Security is assumed to provide $$35,\frac{000}{y}$ear in today's dollars? The Social Security benefits

are assumed to be inflation$-$adjusted throughout the elient's life.