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Charles plans to save $18,000.00 per year until he retires. His first savings contribution to his retirement account is expected in 1 year from today.

Charles plans to save $18,000.00 per year until he retires. His first savings contribution to his retirement account is expected in 1 year from today. Charles plans to retire in 8 years from today, immediately after making his last $18,000.00 contribution to his retirement account. He then plans to be retired for 8 years. Charles expects to earn 8.00 percent per year in his retirement account, both before and during his retirement. If Charles receives equal annual payments from his retirement account during his retirement with the first of these annual retirement payments received in 1 year after he retires and the last of these annual retirement payments received in 8 years after he retires, then how much can Charles expect each of his annual retirement payments to be?

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