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Yout father is 50 years old and will retire in 10 years. He expects to live for 25 vears after he retires, until he is
Yout father is 50 years old and will retire in 10 years. He expects to live for 25 vears after he retires, until he is 85 . He wants a foed retirement income that has the same purchasing power at the time he retires as \$40,000 has today. (The real value of his retirement income will dedine annualy arter he retires.) His retirement income will begin the day he recires, 10 years from today, at which time he will receive 24 addiconal annual parments Aninual inflation is expected to be 3%. He currenty has $135,000 saved, and he oxpects to earn 10% annualy on his savings. How much must he save durthg each of the next 10 years (end.o-year deposits) to meet his rebirement goal? Do not round intermediate caloulations. Round your answer to the neerest doilar
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