Your father is now 50 years old and will retire in 10 years. He expects to live for 25 years after he retires, until he is 85. He wants a fixed annual retirement income of $65,000, and the first retirement income will start the day he turns 60, and the last retirement income will happen when he turns 84 (a total of 25 annual payments). He currently has $100,000 saved, and he expects to earn 8 percent annually on his savings. How much must he save during each of the next 10 years (end-of-year deposits) to meet his retirement goal?

Answer is $36,825.63