At age 45 when the deferred payments from his current contract ends, all-star shortstop Alex Rodriguez plans to have $175 million in savings from his baseball playing days. He wants two things from his savings: a 40-year ordinary annuity and $200 million at age 55 in order to purchase majority ownership in his native Miamis Florida Marlins. How large can his annual annuity payment be based on this information and assuming his savings can earn 8% annually after age 45?

Answer is $6,906,832. How do you do this?