Hunter Boyd who just turned 32, expects to retire in 35 years when he turns 67. Mr. Boyd just passed Idaho’s Licensed Plumbers LP exam, allowing him to bid on plumbing projects having a total cost less than $25,000. Mr. Boyd expects to earn $55,000 next year during his first year as an LP. The Northwest Economic Development Consortium expects yearly earnings for licensed plumbers to grow 4.5 percent per year over the next 35 years. Mr. Boyd plans to save for retirement by depositing 10 percent of his yearly income at the end of each year in a retirement savings account. Mr. Boyd expects to earn a yearly return on his retirement savings of 9.2 percent over the next 55 years. Mr. Boyd’s life expectancy is 55 years, allowing him to enjoy a 20-year retirement period, with yearly withdrawals from the retirement account at the end of each of the 20 years following his retirement at age 67. Mr. Boyd requires a yearly retirement income stream having constant purchasing power during each year of retirement, so that the dollar amount of his retirement income must increase each year at the rate of inflation. Assuming that inflation is expected to be 3.7 percent per year, determine the maximum initial retirement income that Mr. Boyd can withdraw from the retirement account at the end of his first year in retirement.