Paul and Lucy Reynolds have determined that they will require annual retirement income equal to $63,000 as based on their current amount of income. They both plan to retire in 8 years and want you to assume an annual after-tax-return on investments, prior to their retirement, of 8%. They plan to become more conservative after retirement and believe that their actual annual after-tax return on investments will decline to 6% .Paul and Lucy want to use their retirement period of 30 years and annual inflation of 2% in their planning. Given these assumptions, what is the amount of lump sum capital required support the Reynolds retirement income needs using the annuity method of computation.