This is a personal financial planning problem that includes both retirement for your client and college tuition for one student, your client's child.

Your client has the following characteristics:

Current age: 24 yrs

Retirement age: 67 yrs

Expected lifetime: 95 yrs

Desired pension: 60,000 usd/yr

Child's current age: 3 yrs

Will attend college starting at age: 19 yrs

Will complete college starting at age 23 yrs

Tuition: 15,000 usd/yr for 4 yrs

Rate of return: 5.00%

Calculate the annual payments that your client will need to make in order to meet both goals at the correct time.