Peter has $250,000 in savings in the bank. He is 55 years old and expects to work for 10 more years, making $100,000 a year. He expects to earn a return of 5% p.a. on his investments for the foreseeable future. Once he retires 10 years from now, he would like to be able to withdraw $80,000 a year for the following 25 years. How much would he need in the bank 10 years from now?

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