When you reach retirement

$$

$$age$,$ you would like to have enough money saved to be able to

$$

$$

pay yourself

$$

$$an annual salary of

$$

$

$7$

$9$

$7$

$9$

$$

$,$

$0$

$0$

$0$

$$per year for

$2$

$0$

$$years$.$ To put this another

$$

$$way$,$ your plan is to start your retirement with a large amount of money

$$

$$saved$,$ and you will withdraw

$$

$

$7$

$9$

$7$

$9$

$$

$,$

$0$

$0$

$0$

$$from these savings once a year for the next

$2$

$0$

$$years until all of your savings are depleted.

In the

$$

$$meantime$,$ you are a

$$

$2$

$5$

$-$

year

$-$

old new UIC

$$

$$graduate$,$ and you plan on working for

$4$

$0$

$$years until you retire. To fund your retirement

$$

$$goals$,$ you plan on investing some money in the stock market. More

$$

$$specifically$,$ at the end of each year until you

$$

$$retire$,$ you are going to put part of your paycheck into the stock

$$

$$market; you'll put in the same dollar amount every year for the next

$4$

$0$

$$years$.$

You are a pretty decent stock

$$

$$investor$,$ and you think you can make a

$1$

$0$

$1$

$0$

$$

$\%$

$$return on the market each year you

$$

$$invest$,$ both until you retire and after retirement.

What is the annuity payment

$$

$($

to the nearest

$$

$$dollar

$)$

$$you need to put into the stock market every year for the next

$4$

$0$

$$years to fully fund your

$$

$$retirement$?$