Edna is 30 and plans to retire at 50. That's 20 years of saving for retirement. Edna will make a deposit into the retirement savings account once a year at the end of the year. Once she retires, Edna will live for 40 years. Edna wants to plan for a retirement pay of $100,000 at the end of each year. The discount rate is 8%.

Some time-value-of-money factors are available:

Present value of an ordinary annuity, 40 years, 8% 11.92461

Future value of an ordinary annuity, 20 years, 8% 45.7620

How much per year will she need to save to receive 100,000 each year of Retirement?