49 Fran wants to use the capital preservation approach to calculate her retirement needs. Fran will retire today and will be retired for 40 years Her retirement expenses are $100,000 per year, increasing by 3% per year She expects her portfolio to grow by 6% per year What balance does Fran need TODAY to cover her retirement needs using the capital preservation approach? HINT: If she used the capital depletion approach the answer would be $2,412,763.34 Enter your answer below to two decimal places. Example: for $23,989.55 enter 23989.55