Peter Griffin plans to retire in 20 years (1st withdrawal in year 21). He is told by Glenn Quagmire that he will need about $135,000 per year to fund his retirement. Peter wants to be able to maintain that level of purchasing power forever (Assume inflation = 3% per year). Peter plans to increase his savings by 4% per year and expects to earn 7% per year on his investments.

1. What is Peter