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 draw $215,00 per year for the next 40 years (based on family history, you think you'll live to age 80 ). You plan to save for retirement by making 15 equa annual installments (from age 25 to age 40 ) into a fairly risky investment fund that you expect will earn 12% per year. You will leave the money in this fund until it is completely depleted when you are 80 years old. (Click the icon to view the present value annuity table.) (Click the icon to view the future value annuity table.) (Click the icon to view the present value table.) (Click the icon to view the future value table.) Requirement 1. How much money must you accumulate by retirement? (Hint: Find the present value of the $215,000 withdrawals.) (Round your answer to the nearest whole dollar.) The present value is $ Data table \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Present Value of $1} \\ \hline Periods & 10% & 12% & 14% & 16% \\ \hline 1 & 0.909 & 0.893 & 0.877 & 0.943 \\ 5 & 0.621 & 0.567 & 0.519 & 0.476 \\ 10 & 0.386 & 0.322 & 0.270 & 0.227 \\ 15 & 0.239 & 0.183 & 0.140 & 0.108 \\ 20 & 0.149 & 0.104 & 0.073 & 0.051 \\ \hline 25 & 0.092 & 0.059 & 0.038 & 0.024 \\ 30 & 0.057 & 0.033 & 0.020 & 0.012 \\ 35 & 0.036 & 0.019 & 0.010 & 0.006 \\ 40 & 0.022 & 0.011 & 0.005 & 0.003 \\ 45 & 0.014 & 0.006 & 0.003 & 0.001 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Future Value of Annuity of $1} \\ \hline Period & 10% & 12% & 14% & 16% \\ \hline 1 & 1.000 & 1.000 & 1.000 & 1.000 \\ \hline 5 & 6.105 & 6.353 & 6.610 & 6.877 \\ 10 & 15.937 & 17.549 & 19.337 & 21.321 \\ 15 & 31.772 & 37.280 & 43.842 & 51.660 \\ 20 & 57.275 & 72.052 & 91.025 & 115.38 \\ \hline 25 & 98.347 & 133.33 & 181.87 & 249.21 \\ 30 & 164.49 & 241.33 & 356.79 & 530.31 \\ 35 & 271.02 & 431.66 & 693.57 & 1120.71 \\ 40 & 442.59 & 767.09 & 1342.00 & 2360.80 \\ 45 & 718.90 & 1358.23 & 2590.56 & 4965.27 \\ \hline \end{tabular} Future Value of $1 \begin{tabular}{|c|c|c|c|c|} \hline Periods & 10% & 12% & 14% & 16% \\ \hline 1 & 1.100 & 1.120 & 1.140 & 1.160 \\ 5 & 1.611 & 1.762 & 1.925 & 2.100 \\ 10 & 2.594 & 3.106 & 3.707 & 4.411 \\ 15 & 4.177 & 5.474 & 7.138 & 9.266 \\ 20 & 6.728 & 9.646 & 13.743 & 19.461 \\ \hline 25 & 10.835 & 17.000 & 26.462 & 40.874 \\ 30 & 17.449 & 29.960 & 50.950 & 85.850 \\ 35 & 28.102 & 52.800 & 98.100 & 180.314 \\ 40 & 45.259 & 93.051 & 188.884 & 378.721 \\ 45 & 72.890 & 163.988 & 363.679 & 795.444 \\ \hline \end{tabular}