Item at position 4 Philip is 55 and wants to retire in 12 years. His family has a history of living well into their 90s. Therefore, he estimates that he will live to age 97. He currently has a salary of $100,000 and expects that he will need 52% of that amount annually if he were retired. He can earn 9 percent in his portfolio and expects inflation to be 3 percent. Philip currently has $325,000 invested for his retirement. How much does he need to save at the end of each year to meet his retirement goal? Please solve this problem using the Annuity Method.