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Robin and Michael both turned 30 years old today. Currently, they have $5,000 saved towards their retirement. They plan on working until age 65 (t

Robin and Michael both turned 30 years old today. Currently, they have $5,000 saved towards their retirement. They plan on working until age 65 (t = 35) after which they plan on retiring. Their plan is to contribute a fixed amount to their retirement account at the end of each of the next 35 years. However, they plan to take a trip to celebrate their 50th birthdays and will withdraw $30,000 (t = 20) for that purpose, so they need to consider this withdrawal too. Their first contribution will occur in one year (t = 1), while the final contribution will occur on their 65th birthdays (t = 35). Once they retire, they plan on withdrawing $75,000 annually from their retirement account. (They realize that the purchasing power of $75,000 will decline each year with inflation.) The first retirement withdrawal will occur at age 66 (t = 36), while their 25th and final withdrawal will occur on their 90th birthdays (t = 60). After age 90, they expect to have nothing in their retirement account. The retirement account is expected to generate an annual return of 9.0%. How much will they need to contribute to their retirement account at the end of each of the next 35 years if they want to accomplish their goals?

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