Your mother and father have been negligent in saving for retirement. When they learned that you're taking a finance class they came to you for advice. They would like to retire in 15 years but only have $50,000 for retirement. They are in good health and estimate that they will live 30 years after retiring. They earn a combined annual income of $180,000 and would like to maintain a consistent quality of life during retirement. They estimate that with their social security checks, this will require an additional $80,000 per year from retirement savings. Their retirement account yields 4% annually. How much of their annual income will they need to save each year to meet their retirement goal?