Harry and Ella are wondering how much they need to have saved on the day they retire ( 20 years from now). They plan to withdraw the equivalent of $70,000 (today's dollars) each year that they are retired. They expect inflation to average 2.5% per year. (Assume each withdrawal will be 2.5% larger than the prior year's withdrawal). They will be retired for 10 years. They plan on their retirement money earning a return of 5.0% per year during the time they are retired. How much money do they need to have on hand on the day they retire? $982,497.33 $700,000.00 $1,147,031.51 $685,707.33