Problem $5-42$ Retirement Savings $($LO$3)$

You believe you will need to have saved $$600,000$ by the time you retire in $40$ years in order to live comfortably. If the interest rate is $7\%$ per year, how much must you save each year to meet your retirement goal? $($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$

Annual savings