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Peter and Blair recently reviewed their future retirement income and expense projections

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Peter and Blair recently reviewed their future retirement income and expense projections. They hope to retire in 25 years and anticipate they will need funding for an additional 15 years. They determined that they would have a retirement income of ?$77,000 in? today's dollars, but they would actually need ?$104,271 in retirement income to meet all of their objectives. Calculate the total amount that Peter and Blair must save if they wish to completely fund their income? shortfall, assuming a 3 percent inflation rate and a return of 8 percent.

Question:

The total amount that Peter and Blair must save if they wish to completely fund their income? shortfall, assuming a 3 percent inflation rate and a return of 8 percent is ?? The key here is total amount and not an annual figure is needed