assume you are not $21$years old and will start working as soon as you graduate from college. You plan to start saving for your retirement on your $25$th birthday and retire on your $65$th birthday. After retirement, you expect to live at least until you are $85.$ You ish to be able to withdraw $$50,000($ in todays dollars$)$ every year from the time of your retirement until you are $85$ years old $($i$.$e$.$ for $20$ years$).$ The average inflation rate is likely to be $5$ percent. Calculate the lump sum you need to have accumulated at age $65$ to be able to draw the desired income. Assume that the annual return on your investments is likely to be $10$ percent.