how much do they need to save annually (assume they will save at the end of the year)?

John and Ann, aged 30 are the staffs of Rich Sdn. Bhd. They have been married since five years ago and have one child. Their total annual income is about 160,000.00. Even though its still some 30 years away, they recognise its now time to seriously consider their situation to see if theyll be able to pursue a retirement lifestyle that appeals to them. Adam has contributed 3,500.00 at the beginning of each year into a Private Retirement Scheme for his retirement fund and assumes hell retire at the age of 60. During their vacation last month, Adam saw an advertisement of a terrace house in Ipoh with a list price of 300,000.00. Housing prices in Ipoh generally increase at the overall rate of inflation. He is willing to specifically invest a fixed amount at the end of each of the next 30 years to fund the cash purchase of the terrace house when he retires. Inflation is expected to average 4% per year for the next 30 years. REQUIRED: Ann estimate that they will need 1,000,000.00 in 30 years for their retirement years. If they can earn 8% annually on their funds, how much do they need to save annually (assume they will save at the end of the year)?