Peter and Blair recently reviewed their future retirement income and expense projections. They hope to retire in 3535 years and anticipate they will need funding for an additional 2525 years. They determined that they would have a retirement income of $56,000 in today's dollars, but they would actually need

$77,040 in retirement income to meet all of their objectives. Calculate the total amount that Peter and Blair must save if they wish to completely fund their income shortfall, assuming a 33 percent inflation rate and a return of 11 percent.

Question - The total amount that Peter and Blair must save if they wish to completely fund their income shortfall, assuming a 33 percent inflation rate and a return of 11 percent is $___________ (Round to the nearest cent.) Please provide the answer.

Compound Sum of $1 (FVIF)
n	2.00%	3.00%	4.00%	5.00%
24	1.6084	2.0328	2.5633	3.2251
252	1.6406	2.0938	2.6658	3.3864
26	1.6734	2.1566	2.7725	3.5557
27	1.7069	2.2213	2.8834	3.7335
28	1.7410	2.2879	2.9987	3.9201
29	1.7758	2.3566	3.1187	4.1161
30	1.8114	2.4273	3.2434	4.3219
31	1.8476	2.5001	3.3731	4.5380
32	1.8845	2.5751	3.5081	4.7649
33	1.9222	2.6523	3.6484	5.0032
34	1.9607	2.7319	3.7943	5.2533
35	1.9999	2.8139	3.9461	5.5160

Present Value of an Annuity (PVIFA)
n	2.00%	3.00%	4.00%	5.00%	6.00%	7.00%	8.00%	9.00%	10.00%
13	11.3484	10.6350	9.9856	9.3936	8.8527	8.3577	7.9038	7.4869	7.1034
14	12.1062	11.2961	10.5631	9.8986	9.2950	8.7455	8.2442	7.7862	7.3667
15	12.8493	11.9379	11.1184	10.3797	9.7122	9.1079	8.5595	8.0607	7.6061
16	13.5777	12.5611	11.6523	10.8378	10.1059	9.4466	8.8514	8.3126	7.8237
17	14.2919	13.1661	12.1657	11.2741	10.4773	9.7632	9.1216	8.5436	8.0216
18	14.9920	13.7535	12.6593	11.6896	10.8276	10.0591	9.3719	8.7556	8.2014
19	15.6785	14.3238	13.1339	12.0853	11.1581	10.3356	9.6036	8.9501	8.3649
20	16.3514	14.8775	13.5903	12.4622	11.4699	10.5940	9.8181	9.1285	8.5136
21	17.0112	15.4150	14.0292	12.8212	11.7641	10.8355	10.0168	9.2922	8.6487
22	17.6580	15.9369	14.4511	13.1630	12.0416	11.0612	10.2007	9.4424	8.7715
23	18.2922	16.4436	14.8568	13.4886	12.3034	11.2722	10.3711	9.5802	8.8832
24	18.9139	16.9355	15.2470	13.7986	12.5504	11.4693	10.5288	9.7066	8.9847
25	19.5235	17.4131	15.6221	14.0939	12.7834	11.6536	10.6748	9.8226	9.0770
26	'20.1210	17.8768	15.9828	14.3752	13.0032	11.8258	10.8100	9.9290	9.1609
27	20.7069	18.3270	16.3296	14.6430	13.2105	11.9867	10.9352	10.0266	9.2372