Garrett Erdle has just turned 26 years of age. Although Garrett currently has a negative net worth, he expects to pay off all of his financial obligations within four years and then to embark on an aggressive plan to save for retirement. He wishes to be able to withdraw $120,000 per year during the first 10 years of retirement (the first withdrawal coming on his 61st birthday) and $160,000 during the next 10 years of retirement. As a precaution against unexpected longevity, he would like to have a net worth of $800,000 after the withdrawal on his 80th birthday. Garrett expects the after-tax return on his investments to be 5% until he turns 60, and 8% thereafter. What equal annual amount must Garrett save at the end of each year (the first deposit will occur on his 31st birthday and the last deposit will occur on his 60th birthday) to meet these retirement needs. Please draw time-lines to show how you solved this problem.