Farrell wants to retire in 6 years. to have sufficient assets to fund retirement, Farrell needs to accumulate an additional additional $400,000 between today and retirement. As his planner, you assume that inflation will average 5%. you are also confident that you can build a portfolio that will generate an 8% compounded annual after tax return. 

What serials payment should Farrell invest at the end of the first year to fund this goal?   (Use an HP B2 plus calculator with the steps in the explanation.)