Problem
For planning purposes, an individual wants to be able to spend $80,000 per year, at the end of each year, for an anticipated 25 years in retirement. In order to fund this retirement account, he plan to make annual deposits of $10,000 at the end of each of his working years. What is the minimum number of such deposits he will need to make to fund his desired retirement? Use 8% as an annual simple rate for all calculations.