Assume you are 21 years old and will start working as soon as you graduate from college. You plan to start saving on your 30th birthday and retire on your 65th birthday. After retirement, you expect to live at least until you are 85. You wish to be able to withdraw $36,000 (in today's dollars) every year from the time of your retirement until you are 85 years old. The average inflation rate is likely to be 5%. Calculate the lump sum you need to have accumulated at age 65 to be able to draw the desired income. Assume the annual rate of return of (i) 8%, (ii) 10%, and (iii) 15%.