Required Annulty Payments Assume that your father is now 50 years cld, plant to retire in 10 vears, and expects to live for 25 years after he retires - that is, until age is 5 . He wante his nirst retirement payment to have the same purchasing power at the time he retires as 155,000 has today. He wants al of his subsequent retirement payments to be equal to his first retirement payment. (Do not let the retirement payments grow with inflation: Your father realizes that if inflation occurs the reai value of his retirement income will decline year by year aftor he retires). His retirement income nill begin the day he retires, 10 years from today, and he will then recelve 24 additional annual nayments, Infation is expected to be 4 \% per year from today forward. He currently has $100,000 saved and expects to earn a return on his savings of 7 we per year with annual compounding. To the nesrest dollar, how much must he save during each of the nest zo years (with equal deposits being made at the end of each year, beginning a year from today) to meet his retirement goai? (Noter Neither the acrount he saves nor the amount he withdrawi upon retirement is a growing annuity.) Do not round intermediate caloulstions. Round your answer to the nearest doliar