Also, answer how much he will need to make his first contribution to reach his retirement goal by 2060.

Please write out the steps

Sam is just starting his career and wants to begin saving for retirement. Sam estimates he will need to withdrawal $8000/month to live comfortably while retired and based on life expectancy this would last for 25 years. If he begins saving in 2020 and makes annual contributions growing at 4%, how much will he need to make his first contribution to reach his retirement goal by 2060? Sam's retirement investments are expected to earn a 9% return (both before AND after he retires) A) Find the present value of $8000/month for 25 years (it is NOT = 8000x12x25) B) Treat your answer to Part A as a future value in 2060, then find its PV C) Use the answer to Part B as a present value in Sam's retirement saving annuity equation and solve for its first CF. Sam is just starting his career and wants to begin saving for retirement. Sam estimates he will need to withdrawal $8000/month to live comfortably while retired and based on life expectancy this would last for 25 years. If he begins saving in 2020 and makes annual contributions growing at 4%, how much will he need to make his first contribution to reach his retirement goal by 2060? Sam's retirement investments are expected to earn a 9% return (both before AND after he retires) A) Find the present value of $8000/month for 25 years (it is NOT = 8000x12x25) B) Treat your answer to Part A as a future value in 2060, then find its PV C) Use the answer to Part B as a present value in Sam's retirement saving annuity equation and solve for its first CF