You are 40 years old and want to retire at age55. Each year, starting one year from now, you will deposit an equal amount into a savings account that pays7% interest. The last deposit will be on your55th birthday. On your55th birthday you will switch the accumulated savings into a bank account that also pays7% interest. You will withdraw your annual income of $140,000at the end of that year (on your56thbirthday) and each subsequent year until your80th birthday. On that birthday you want to give $750,000to your children. How much do you have to save each year to make this retirement plan happen? The answer is 70424.09 but how is it??