Chase, age 34, comes to you for help with his retirement planning. Chase expects to work until age 66. In the course of your meeting Chase reveals that he has longevity on both sides of his family, so he would like you to project that he will live until 92. Chase currently earns $89,500 annually. After discussion you both decide that his wage replacement ratio should be 87%. Chase has saved $52,2000 already for retirement, and you both determine that he should earn 10.25% annually on his investments. Chase would like you to use a conservative estimate for inflation of 3% annually. Chase brings along his Social Security statement and the projections are for him to earn $2,500/month or $30,000/year. Using the purchasing power method, determine how much Chase needs to save at the end of each year to reach his retirement goals.