Problem
Your friend Kelly will retire at the end of 10 years from now and needs your help in planning for retirement. Kelly's retirement goals are two-fold. First, Kelly plans to give each of her 3 children a lump sum of $15,000 on the day she retires. Kelly also wants to have enough additional money stashed away so that she can withdraw $75,000 at the end of each year for 25 years following her retirement. How much money does Kelly need to invest in an account today in order to fund his retirement assuming she can earn 6% interest compounded annually?