You are planning for your retirement. You expect that you can live for another 40 years after your retirement day. For the first year of your retirement, you think that you will need $50,000. The annual amount will increase by 3% a year to compensate for the inflation. Suppose the money will always be withdrawn from your bank account at the end of each year, and your bank will offer an 6% annual return on your money. How much you will need in the bank account at the retirement day?