Wiley is evaluating his life insurance needs. He wants his wife to have $34,000 of additional retirement income, paid at the beginning of each year. Wiley expects 6% inflation and 8% net interest on savings, and wants the income to be adjusted annually for inflation. He thinks that his wife will live another 20 years after retirement, and he wants to use up the entire amount of principal and interest during that period. For calculation purposes, assume that the retirement income will begin today. How much additional life insurance is required to fund this need?