A $30$ year$-$old person plans to retire at $64$ and live until $92.$ During retirement, the person will take a growing annuity from the retirement account. The amount in the first year will be $$90,000$ with a $2\%$ growth rate.

The return on savings before retirement is $9\%,$ an after retirement is $6\%.$

Initial savings are zero, and the person does not want to leave a legacy at the time of death.

How much must the person save per year before retirement to achieve this goal?

Answer rating: 100% (QA)

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