Newman plans to retire in 25 years and plans to withdraw end of the year payments...

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Finance

Newman plans to retire in 25 years andplans to withdraw end of the year payments in the amount of $85,000from
      hisretirement account to allow him to enjoy the same standard ofliving he has enjoyed in life thus far. Newman’s
     financial planner has advised him that he should estimate hisretirement will last 30 years and use a conservative
      8%annual rate of return in his financial planning. Newman doesalready have $75,000 already saved up for
     retirement, how much more does Newman need to save each year toreach his retirement goal?
       *Round answers to thenearest dollar

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Newman plans to retire in 25 years andplans to withdraw end of the year payments in the amount of $85,000from hisretirement account to allow him to enjoy the same standard ofliving he has enjoyed in life thus far. Newman’s financial planner has advised him that he should estimate hisretirement will last 30 years and use a conservative 8%annual rate of return in his financial planning. Newman doesalready have $75,000 already saved up for retirement, how much more does Newman need to save each year toreach his retirement goal? *Round answers to thenearest dollar