Question: Suppose your uncle is 40 and has a plan to retire at age 65, but his fortune-teller told him that he will live for fifty-five

Suppose your uncle is 40 and has a plan to retire at age 65, but his fortune-teller told him that he will live for fifty-five more years. If he would like to have a steady income of $160,000 per year after his retirement and the interest rate will be 7% compounded yearly at that time, how much must he set aside each year till his retirement to be able to achieve his goal, if the interest rate is now 6% compounded yearly? Show your work below.

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