(Please use an finance equation and/ or formula rather than using a sheet chart, excel, or graph)

Your uncle is 50 years old and will retire in 15 years. He expects to live for 20 years after he retires, until he is 85. He wants a fixed retirement income that has the same purchasing power at the time he retires as $70,000 has today. His retirement income will begin the day he retires (at the beginning of the year) Annual inflation is expected to be 3%. He currently has 150,000 saved, and he expects to earn 8% annually on his savings. How must much must he save during each of the next 15 years (end-of-your deposits) to meet his retirement goal?

$22,945

$25,065

$22,733

$21,845

$18,921