A robot advisor provides a retirement plan: if an investor invests in this product today, it will start paying out annually in perpetuity in thirty-one years. The funds will grow at an APR of 8%, compounded quarterly, for the foreseeable future. Mr. Smith wants to buy this product as his retirement plan. He hopes that the payout can cover his expected annual expenditure of $20,000. How much money should he save today? (Hint: EAR for 8% compounded quarterly is (1 + 2%)^4 1 = 8.24% and PV for 30 years is (1)/(1+8.24%)^30 = 0.093

Please show work and explain steps and your logical thinking. Thank you.