An individual has a retirement contract that will pay them $50,000 nominally per year for the remainder of their lifetime. Assume that they will live an additional 35 years. Market rates of return are r_N = 0.092 and f = 0.04. Assume that the cost of living will go up at the inflation rate over time. What sustainable standard of living (measured in todays dollars) will their nominal retirement income support? Ignore taxes for this problem.