Susan would like to receive $50,000 in the first year of her financial independence at age 60. After this first income payment, she is content with her annual income growing at the rate of 2% per annum below the rate of inflation. She would like this income to be paid indefinitely. She expects inflation to be 2% per year and her investments to achieve nominal returns of 8% per year (compounded yearly). Assuming that all calculations are to be performed in real terms, how much does she need to save for financial independence (to the nearest dollar)?