You have just turned 28 years of age. You have accepted a new promising position in one of the big banks commencing as from your 28th birthday and you now want to decide how much money to put aside into a retirement fund. The retirement fund works as follows: Every dollar invested in the fund earns 5% p.a. You cannot make withdrawals from your fund until you reach your retirement age of 65. After that you can withdraw the funds to meet your day to day living expenses. Your life expectancy is 93 and you will work until you turn 65. You want to live comfortably during retirement,so you estimate that you will need $100,000 per year, starting at the end of the first year of retirement, and ending on your 93 rd birthday. You will contribute the same amount into your retirement fund at the end of every year during your working life to age 65. 1. How much do you need to contribute each year to fund your retirement?

Please show formulas and working on how you got this answer! im very confused by this! all the help you can give in explaining/showing formulas and the answer would help me so much!