Doug just retired on his 70^th birthday. He presently has $3,000,000 in his retirement account. Doug hopes to live another 25 years. He expects to earn a nominal annual rate of return of 8% on his investment and expects inflation to average 3% per year. If he wants to withdrawal a constant real amount annually over the next 25 years so as to maintain a constant standard of living and the first withdrawal is to be made today, what will be the amount of the initial withdrawal?