Assume that your father is now $50$ years old, plans to retire in $10$ years, and expects to live for $25$ years after he retires $-$ that is$,$ until age $85.$ He wants his first retirement payment to have the same purchasing power at the time he retires as $$60,000$ has today. He wants all his subsequent retirement payments to be equal to his first retirement payment. $($Do not let the retirement payments grow with inflation: Your father realizes that if inflation occurs the real value of his retirement income will decline year by year after he retires$).$ His retirement income will begin the day he retires, $10$ years from today, and he will then receive $24$ additional annual payments. Inflation is expected to be $4\%$ per year from today forward. He currently has $$25,000$ saved and expects to earn a return on his savings of $10\%$ per year with annual compounding.