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

The total amount that Peter and Blair must save if they wish to completely fund their income shortfall, assuming a

4 percent inflation rate and a return of 7 percent is $

(Round to the nearest cent.)