Suppose you are planning to retire in 30 years and you want to have a retirement income of $75,000 per year for 20 years after retirement. You estimate that your living expenses will be $50,000 per year during your retirement years. You expect to receive a pension of $25,000 per year. You plan to save for retirement by making equal annual contributions at the end of each year. If the interest rate is 8%, how much must you save each year to achieve your retirement income goal?

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