Mr. Wong isnow 41 years old.He is planning for his retirement.He plans to retire when he turns 65, and that he expects to live until age 89.His first withdrawal will be one year after his retirement, i.e., when he turns 66, and he wants to be able to withdraw $230,000 at that time. Mr. Wong realizes that with inflation, the purchasing power of his retirement income will decline year by year after he retires. So he wants his withdrawal to grow with inflation at 4%.Mr. Wong plans to start saving a fixed amount of money annually till he retires. He expects to earn a return of 7%on his savings throughout his lifetime.

How much must he save annually till he retires, so that he can meet his retirement goal when he reaches 65 years old?

(Round to the nearest dollar. )

with steps please.