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Martha has estimated that she would need \\( \\$ 35,000 \\) per year (in today's...

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Martha has estimated that she would need \\( \\$ 35,000 \\) per year (in today's \\( \\$ \\) terms) to live on in retirement. She will be retiring in 30 years and is funding for a 23 -years retirement period. The inflation rate is expected to be \2 per year and the after-tax return on her investments is expected to be \5.5. Calculate the lump sum amount required at the beginning of her retirement. \\[ \\begin{array}{l} \\$ 997,374 \\\\ \\$ 1,031,578 \\\\ \\$ 1,159,689 \\\\ \\$ 1,176,313 \\end{array} \\]

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