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 3% 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)?

Please do not include dollar signs or commas in your answer.