You are 40 years old and want to retire at age 65. Eachyear, starting one year fromnow, you will deposit an equal amount into a savings account that pays 7% interest. The last deposit will be on your 65th birthday. On your 65th birthday you will switch the accumulated savings into a safer bank account that pays only 4% interest. You will withdraw your annual income of $100,000 at the end of that year(on your 66th birthday) and each subsequent year until your 95th birthday. On that birthday you want to give$550,000 to your children. How much do you have to save each year to make this retirement planhappen?