Milhouse, 22, is about to begin his career as a rocket scientist for a NASA contractor. Being a rocket scientist, Milhou

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Milhouse, 22, is about to begin his career as a rocket scientist
for a NASA contractor. Being a rocket scientist, Milhouse knows
that he should begin saving for retirement immediately. Part of his
inspiration came from reading an article on Social Security in
Time. The article indicated that the ratio of workers
paying taxes to retirees collecting checks will drop dramatically
in the future. In fact, the number will drop to two workers for
every retiree in 2040. Milhouse’s retirement plan allows him to
make equal yearly contributions, and it pays 9 percent interest
annually. Upon retirement, Milhouse plans to buy a new boat, which
he estimates will cost him $300,000 in 43 years, which is when he
plans to retire (at age 65). He also estimates that in order to
live comfortably he will require a yearly income of $80,000 for
each year after he retires. Based on his family history, Milhouse
expects to live until age 80 (that is, he would like to receive a
payment of $80,000 at the end of each year for 15 years). When he
retires, Milhouse will purchase his boat in one lump sum and place
the remaining balance into an account that pays 6 percent interest,
from which he will withdraw his $80,000 per year. If
Milhouse’s first contribution is made one year from today and his
last is made the day he retires, how much money must he contribute
each year to his retirement fund?