As a bright 24-year-old UNT student, you expect your next year salary (net of taxes) to be $65,000. You forecast that this salary will increase at a rate of 3% per year. You are planning to retire at the age of 65. You are planning to save 5% of your salary each year, and place these savings in investments that yield 8%. You are planning to retire in 40 years . During the 20 years of retirement, you are planning to spend equal amounts of your savings each year. How much can you spend each year?