.... ....... .......... T"".l'""""""'""'"- .... u.. . u-.. .u-....................... This annual figure from #3 is more than the Prof.'s $12,500 current annual contribution, but she thinks she can manage the difference. Also, Prof. Business' annual retirement account contribution is based on a percentage of her salary and will increase as her salary increases. However, Prof. Business is worried about her purchasing power eroding during retirement. She would like her first retirement withdrawal to be equal to the amount you found in #1, and then she increase each successive retirement withdrawal by 3% annually over the remaining 19 withdrawals. How much will Prof. Business need now at retirement given Prof. Business' 8% expected return