RETIREMENT DATA FOR PART 1 - QUESTIONS 1-4 Income Needed During Retirement $85,000 Number of Years in Retirement Number of Year Before Retirement Rate of Return During Retirement 4.5% Rate of Return Before Retirement 7.5% Inflation Before and During Retirement 3% 30 years 20 years 1. What is the total amount of funds (lump sum) needed when entering retirement to provide the (needed) retirement income in today's dollars)? [10 points)