Question: Assume that you plan to retire 35 years from now, with enough money for your post-retirement life (expected to be another 20 years). So by the end of each working year you need to contribute a specific equal amount of money into your retirement fund account until the day you retire. Your retirement fund balance earns an annual return of 7.5% on average in the financial market over time. Beginning at the day you retire, you withdraw a constant amount of $40,000 per year from your fund to cover your annual living costs. You also plan that, when your life is over, your fund can give your heirs an endowment of $250,000 for their withdrawal. To meet all these financial needs for retirement and endowment (without considering the house financing), what should be amount for your annual contribution from now till the day of your retirement?   Edit