Michael wants to retire twenty-five years from now. He wants to save enough so that he can have a pension of $35,000 a year for fifteen years. Michael will save an equal amount S every year until he retires. The interest rate is 5%. Assume the cash flows occur at the end of each year, so the first date at which S is saved is one year from now (ie at t = 1), the last date at which S is saved is on Michaels retirement day (t = 25), and the first date at which the $35,000 pension is received is one year after his retirement (t = 26). How much must Michael save each year?