Mr. W, the lead mechanical engineer for Covington Aviation, expects to earn $90,000 this year. Although Mr. W is exactly 30 years old, he currently has no retirement savings. He plans to save for retirement by depositing 8.0 percent of his yearly earnings in a retirement account at the end of each of the next 32 years. Mr. W's yearly earnings are expected to grow by 5 percent per year until retirement, while his retirement savings are expected to earn a yearly return of 8.5 percent. Although Mr. W plans to discontinue saving for retirement following his year-end contribution at age 62, he plans to postpone retirement until his 67th birthday, at which time he plans to make the first of a series of 19 annual withdrawals from the retirement account. Mr. W's life expectancy is 56 years, so that he expects to enjoy a 19-year retirement with the final withdrawal from the retirement account occurring on his 85th birthday. Mr. W would like for his yearly income during retirement to increase at the rate of inflation in order to provide a constant (level) purchasing power during each year of his retirement. Assuming that inflation is expected to be 2.5 percent per year, determine the maximum initial retirement income that Mr. W can withdraw from the retirement account beginning on his 67th birthday.