A year ago you deposited $40,000 into a retirement savings account at a fixed rate of 5.5 percent. Today you could earn a fixed rate of 6.5 percent on a similar type account. However your rate is fixed and cannot be adjusted. How much less could you have deposited last year if you could have earned a fixed rate of 6.5 percent and still have the same amount as your currently will when you retire 38 years from today?

Please show step by step calculations on financial calculator or on a regular calculator thank you