Michael Bennett is a NYC detective with a large family who wants to retire in five years. Bennett has $1.5 million in retirement assets today, and is earning 8.7% on is portfolio (annual compounding). Bennett expects to continue to earn this rate until he retires.

Determine the retirement balance Bennett must have on the day he retires his retirement date in order for him to live on $16,000 per month during his retirement years (assuming he lives 25 years after retirement). Bennett can earn 4.2% during retirement.