Anthony Walker is 30 years and wants to retire when he is 65. So far he has saved (1) $6,480 in an IRA account in which his money is earning 8.3 percent annually and (2) $5,580 in a money market account in which he is earning 5.25 percent annually. Anthony wants to have $1 million when he retires. Starting next year, he plans to invest the same amount of money every year until he retires in a mutual fund in which he expects to earn 7.09 percent annually. How much will Anthony have to invest every year to achieve his savings goal?

Anthony will have to save