You plan to retire in 30 years and need to accumulate sufficient savings/investments to provide yourself with an annual income equivalent to $70,000 in today's money. Based on information you've read you anticipate that your retirement will last 20 years (and then you will pass away) Savings interest rates are currently around 5%p.a. and you think it's reasonable to assume they'll remain at this level, on average, for the foreseeable future.

Assuming you plan to put money into a savings account at the end of each year until you retire, then draw money out at the beginning of each year during your retirement, and that interest will be compounded annually in this savings account, how much will you need to deposit each year to achieve your goal? - How would a rate of inflation (constant) of 2% affect this.