Elin wants to retire in 20 years when she turns 62. Elin wants to have enough money to replace 80% of her current income less what she expects to receive from Social Security. She expects to receive $20,000 per year from Social Security in todays dollars. Elin is conservative and wants to assume a 6% annual investment rate of return and assumes that inflation will be 3% per year. Based on her family history, Elin expects that she will live to be 95 years old. If Elin currently earns $100,000 per year, approximately how much does she need at retirement to fulfill her retirement goals?

$2,344,336.

$2,358,488.

$2,398,354.

$2,427,182.