1. Ralph will retire 15 years from today and has saved $121,000 in his investment account for retirement. He believes he will need $37,000 at the beginning of each year for 25 years of retirement, with the first withdrawal on the day he retires. Ralph assumes that his investment account will return 8%. The amount he needs to deposit at the beginning of this year and each of the following 14 years (15 deposits in all) is closest: