In San Jose, John Adams is the CEO of a nursing home. He is now 50 and plans to retire in ten years. He expects to live for another 25 years after retiring, or until he is 85 years old. He wants a fixed retirement income with 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 will be supplemented by 24 additional annual payments. Inflation is expected to be 5% per year for the next ten years (do not consider 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?