Newman plans to retire in 25 years and plans to withdraw end of the year payments in the amount of $85,000 from

his retirement account to allow him to enjoy the same standard of living he has enjoyed in life thus far. Newmans

financial planner has advised him that he should estimate his retirement will last 30 years and use a conservative

8% annual rate of return in his financial planning. Newman does already have $75,000 already saved up for

retirement, how much more does Newman need to save each year to reach his retirement goal?

*Round answers to the nearest dollar