To retire comfortably, you need to spend $72,000 per year. You think that your retirement will last 25 years, but to make sure that you do not run out of money, you plan to have a balance of $500,000 in your account at the end of 25 years.

Determine how much you need to save annually to reach your goal in previous question, if you plan to work for 25 years and earn 7.50% annually on your investments.

Enter your answer as a positive number