Suppose you are planning for retirement. You estimate that you will work for 45 years and live during retirement 30 years. You estimate that you can earn an annual return of 7 percent on your retirement funds. Suppose further that to live comfortably during retirement you estimate you will need the equivalent of U.S.$ 72,000 per year in today's purchasing power starting in Year 46. You estimate that the inflation rate will be 2% per year over the next 46 years. For clarity, you will make the first withdrawal from the retirement fund in Year 46, and you will make the first deposit into the retirement fund in Year 1. Also, the amount withdrawn each year during retirement is the same. How much do you need to deposit into the retirement fund each year during the work years? For solving this exercise, remember that the FV of the annuity of deposits by year 45 must equal the PV as of year 45 of the annuity of withdrawals.