Bob is planning to save for his retirement during the next 40 years. He wants to be able to withdraw $220,000 from his savings account every year for the next 40 years after he retires. He plans to invest his savings in a local bank, which offers 9% APR compounded monthly, and make equal annual payments into this savings account. What amount should be deposited annually in this savings account in order to withdraw $220,000 every year after his retirement?

Show work