Neville turned 35 today and he is planning to save $7,000 per year for retirement in a mutual fund expected to earn a 7.05% return. He plans to retire 30 years from now, when hes 65 and expects to live for another 25 years until age 90. How much can he spend each year during his retirement?

Be sure to show both your answer and the TVM function inputs on the calculator to receive credit.

Answer text