Howard Jones is 35 years old today and is beginning to plan for his retirement. He intends to set aside an equal amount at the end of each of the next 25 years so that he can retire at the age of 60. He expects to live for another 20 years upon retirement and wants to be able to withdraw $50,000 per year from the account on his 61st through 80th birthdays. The account is expected to earn 10% interest per year for the entire period of time. Determine the amount to set aside for this purpose.