John Adams is the CEO of a nursing home in San Jose. He is now 50 years old and plans to retire in ten years. He expects to live for 25 years after retiring, or until he is 85. He wants a fixed retirement income that has the same purchasing power as $40,000 today when he retires (he realises that the real value of his retirement income will decline year by year after he retires). His retirement income will begin ten years from today, on the day he retires, and he will then receive 24 additional annual payments. Inflation is expected to be 5% per year for the next ten years (ignore inflation after John retires); he currently has $100,000 saved up. He anticipates an annual compounding return on his savings of 8%. How much must he save in each of the next ten years (with deposits made at the end of each year) to meet his retirement goal, to the nearest dollar?