Married couples are both 36 years old. The husband accepted a job making $93,000 a year and the wife is currently unemployed. They want to plan for early retirement at age 62 with $93,000 in today's dollar to replace their income. They expect to live up to age 90 years. The inflation rate is 3% and the portfolio rate of return is 8.5%. Calculate the PV(present value) of retirement needs for the couple. ( the present value of their retirement goal)
