Retirement plans: Julio works for a company with a defined benefits (DB) pension plan, which pays 3.1% of his last year's salary for each year of employment. He plans to retire after 35 years and expects his salary to be $180,000 in his last year of work. While he will be working during these 35 years, he thinks he can earn 14% every year on his investments. After his retirement, he annually needs 75% of his income in his last year of work to maintain his standard of living for 30 years during retirement. Social Security should pay him $1,600 per month for 30 years after his retirement. He thinks he will be able to earn a 4.5% rate of return every year during his retirement. (In the following Questions, fill the number by rounding to the second digit after the decimal. Do not put "dollar sign" or "thousand separators" in the blank.) (1) How much annual income will he need from his employer's plan and from his own planning (other than the Social Security only) after he retires? $ (2) From Question (1), discounting all of his required annual incomes after his retirement, how much will he need at retirement? $ (3) His expected retirement benefit from the DB pension plan at his retirement is $ (4) From Questions (2) and (3), after taking his retirement benefit from the DB pension plan, how much will he still need at retirement? $ (5) Given the exact number after rounding that you filled in Question (4), how much should he save annually during these 35 years when he is working?