Sam is just starting his career and wants to begin saving for retirement. Sam estimates he will need to withdrawal $8000/month to live comfortably while retired and based on life expectancy this would last for 25 years. If he begins saving in 2020 and makes annual contributions growing at 4%, how much will he need to make his first contribution to reach his retirement goal by 2060? Sams retirement investments are expected to earn a 9% return (both before AND after he retires)

A) Find the present value of $8000/month for 25 years (it is NOT = 8000x12x25)

B) Treat your answer to Part A as a future value in 2060, then find its PV

C) Use the answer to Part B as a present value in Sams retirement saving annuity equation and solve for its first CF.