You expect to retire at the age of 58 and live to the age of 100. You would like to have saved up enough money by the time you retire so that you will be able to withdraw $140 000 per year, in six-monthly intervals, for the rest of your life. this means that your first withdrawal of $70 000 will take place six months after your 58th birthday, and your last withdrawal will be on your 100th birthday. The funds will be placed in an account paying interest at the rate of 8% per year, compounded semi-annually. How much do you need to have saved by your 58th birthday in order to finance your retirement?