You are planning for a very early retirement. You would like to retire at age 40 and have enough money saved to be able to withdraw $220,000 per year for the next 40 years (based on family history, you think you will live to age 80). You plan to save by making 10 equal annual installments (from age 30 to 40) into a fairly risky investment fund that you expect will earn 12% per year. You will leave money in this fund until it is completely depleted when you are 80 years old.

How much money must you accumulate to make your plan work?