Your client, Laura, has started a new job and is concerned about her retirement. Laura is $40$

years old. Her current salary is $$75,000.$ Assume a $90\%$ Wage Replacement Ratio, an inflation

rate of $3\mathrm{.}5\%$ and return on investments of $8\mathrm{.}25\%$ annually $($assume constant throughout Laura$$s

lifetime$).$ Laura would like to retire in $24$ years $($at age $64)$ and expects to live to age $85.$ How

much does Laura need to save each year in her $401$k to meet her retirement goals? $($Assume no

social security or employer pension at retirement.$)$