You and your wife are making plans for retirement. You plan on living 25 years after you retire and will like to have 85000 annually on which to live. Your first withdraw will be made one year after you retire and you anticipate that your retirement account will earn 12% annually.

What amount do you need in your retirement account the day you retire?

Assume that you first withdraw will be made the day you retire under this assumption, what amount do you now need in your retirement account the day you retire? do not round intermediate calculations round to the nearest cent.