You are planning for 35 years of retirement living (receiving checks on your 61 st to 95 th birthday). Make the following assumptions: - You withdraw annually. - The first withdrawal on your 61 st birthday is $250,000. - You earn 8% per year on the investments in your retirement account. - Inflation is 3% per year, so your retirement withdrawals will need to grow by 3% per year to keep pace with inflation. How much do you need to have in your retirement savings account at age 60 to maintain your standard of living in retirement? (Hint: Think growing annuity.) \begin{tabular}{|l|} \hline$3,500,000 \\ \hline$4,000,000 \\ $2,500,000 \\ $2,000,000 \\ $3,000,000 \end{tabular}