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

You believe you will need to have saved $$500,000$ by the time you retire in $40$ years in order to live comfortably. If the interest rate is $6\%$ per year, how much must you save each year to meet your retirement goal?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

$\backslash$table$[[$Annual savings,$$1,446\mathrm{.}32$