Homework: Chapter 4 Homework Save Score: 0 of 1 pt 12 of 17 (10 complete) HW Score: 52.94%, 9 of 17 pts Problem 4.L02.31 (similar to) Question Help | * You are 40 years old and want to retire at age 55. Each year, starting one year from now, you will deposit an equal amount into a savings account that pays 7% interest. The last deposit will be on your 55th birthday. On your 55th birthday you will switch the accumulated savings into a safer bank account that pays only 4% interest. You will withdraw your annual income of $140,000 at the end of that year on your 56th birthday and each subsequent year until your 80 birthday. On that birthday you want to give 5950,000 to your children. How much do you have to save each year to make this retirement plan happen? How much do you have to save per year during your working years in order to achieve your retirement goal? (Round to the nearest cent.)