James, who has just turned 45, wants to invest an annual fixed amount in his pension plan, so that when he retires (at the age of 65), he will have accumulated a sum that will allow him to withdraw $300,000 annually for 15 years (until he turns 80). Assume that the first deposit will be made now, and the first withdrawal a year following his retirement (when he turns 66).

Given that James present balance in the pension plan is $338,000, and that the effective annual rate the plan is expected to yield is 9%, what is the annual sum James has to save?

I would really like the formulas used thank you.

9% Interest rate Annual deposit Annual withdraw 300,000 In bank, before Deposit or withdrawal at Total Balance End of year deposit/withdraw beginning of at beginning balance with interest Age al year of year 338,000.00 47 49 50 51 52 53 54 57 59 61 63 69 70 71 72 73 74 75 76 78 79