You plan to retire in 29 years. You would like to maintain your current level of consumption which is $59,445 per year. You will need to have 22 years of consumption during your retirement. You can earn 5.55% per year (nominal terms) on your investments. In addition, you expect inflation to be 2.36% inflation per year, from now and through your retirement.

How much do you have to invest each year, starting next year, for 7 years, in nominal terms to just cover your retirement needs?