Assume that your father is now 50 years old, that he plans to retire in 10 years, and that he expects to live for 25 years after he retires, that is, until he is 85. He wants his first retirement payment to have the same purchasing power at the same time he retires as $40,000 has today. He wants all his subsequent retirement payments to be equal to his first retirement payment (do not let the retirement payments grow with inflation: he realizes that the real value of his retirement income will decline year by year after he retires). His retirement income will begin the day he retires, 10 years from today, and he will get the 24 additional annual payments. Inflation i expected to be around 5% per year from today forward; he currently has $100,000 saved up; and he expects to earn a return on his savings of 8% per year, annual compounding. To the nearest dollar, how much must he save during each of the next 10 years (with equal deposits being made at the end of each year) to meet his retirement goal? (Hint: Neither the amount he saves nor the amount he withdraws upon retirement is growing annuity.)