You are planning for your retirement in 26 years. At that time you want to have enough saved to be able to afford to spend $90,000 per year (starting at time 27) for 22 years (if you live longer than 22 years your kids will have to support you).

How much will you need to have saved by time 26 if the expected interest rate from time 26 to 48 is 11 percent per year?