Holly is a 27-year-old accountant at Ernst and Young. She makes $65,000 per year. Your firm uses an end age of 95 and a top-down ratio of 80%. Holly wants to spend it all before she dies. She wants to be Moderate aggressive in her investments while she works (8% rate of return), and ultra conservative during retirement (3% rate of return). Average inflation of 2% is anticipated. She does not expect to get social security, so she doesn't want it to be factored in.

She wants to know how much she needs to save in her 401k to have a successful retirement if she retires at age 70.

Calculate all the steps and determine how much she needs to invest each year to achieve her goal:

(use a positive number, round to the nearest whole dollar. Be sure to round each step to the nearest whole dollar to ensure your answer is accurate.)