You would like to start saving for your retirement and are trying to figure out how much to save. You estimate that you will need $425,000 per year for the 35 years youll be retired. In addition, youd like to have an additional $60,000 in your fifth year of retirement to buy a boat. Assume that you plan to save an equal amount of money every year, starting next year for the 40 years you will be working (save in years 1-40, withdraw in years 41 -75, buy boat in year 46) How much do you need to save each year if the interest rate is 7%?

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