On January 1, Bowie, just reached age 42, has come to you for help in planning his retirement. He works for a bank, where he earned $80,000 annually at the end of last year. It is assumed that his salary will grow by 3% per year and it is paid at the end of each year. Bowie would like to retire when he reaches 62 (20 years from today). He has consistently earned 6% of his investments annually. Assuming he is expected to live 20 years after retirement and he has an expected wage replacement ratio of 80%

(c). How much will Bowie need to accumulate as of the day he retires to adequately provide for his retirement lifestyle, assuming that he needs the retirement funding at the end of each year and there is no inflation for it.

N=, PMT=, i=%,FV=, therefore, the amount Bowie needs to accumulate as of the day he retires is (keep two decimals)