Projected Retirement Expenses = $ 325,000 Interest Rate = 8 % , Retirement = 35 years

Assume that you plan to save an equal amount of money every year, starting next year for the 40 years you will be working (save in years 1-40, withdraw in years 41 -75, buy boat in year 46). Assume that youll earn a 8% return during the years you save., but will earn a more modest return of 3% during the years you are retired. How much do you need to save each to meet these goals?

You would like to start saving for your retirement and are trying to figure out how much to save. You estimate that you will need $325,000 per year for the 35 years youll be retired. In addition, youd like to have an additional $150,000 in your sixth year of retirement to buy a boat.

PLEASE WRITE OUT STEP BY STEP MATH REQUIRED . no excel sheets please .