arrent Attempt in Progress

Assume you are now $21$ years old and will start working as soon as you graduate from college. You plan to start saving for your retirement on your $25$ th birthday and retire on your $65$th birthday. After retirement, you expect to live at least until you are $85.$ You wish to be able to withdraw $$60,000($in today's dollars$)$ every year from the time of your retirement until you are $85$ years old $($i$.$e$.,$ for $20$ years$).$ The average inflation rate is likely to be $5$

percent.

$******$Lump sum amount accumulated at age $65$: $$6,529,630\mathrm{.}18$

Problem $6\mathrm{.}42($b$)$

What is the dollar amount you need to invest every year, starting at age $26$ and ending at age $65($i$.$e$.,$ for $40$ years$),$ to reach the target lump sum at age $65?($Round factor values to $4$ decimal places, e$.$g$.1\mathrm{.}5212$ and final answer to $2$ decimal places, e$.$g$.1,525\mathrm{.}12.)$

Investment needed to reach the target

$