You plan to retire in 30 years. Beginning in 31 years from now you wish to have an annual retirement

income of $80,000 / year as measured in todays dollars. The inflation rate is assumed to be 2.5%. Each

year in retirement you wish to have your retirement income grow by 3% per year. You plan on living for

35 years in retirement. Starting in one year from now you are going to make annual deposits into a

savings account. Your savings payments are expected to grow by 5% per year. You will make 30

payments into your retirement account. The discount rate is 9%. How much must your first savings

amount be in order to achieve your retirement goal