Martha has estimated that she would need $35,000 per year (in today's $ terms) to live on in retirement. She will be retiring in 30 years and is funding for a 23-years retirement period. The inflation rate is expected to be 2% per year and the after-tax return on her investments is expected to be 5.5%. Calculate the lump sum amount required at the beginning of her retirement.

$1,176,313

$997,374

$1,159,689

$1,031,578