Tom and Elaine Douglas decide to start a college retirement fund. They expect that the total amount of money needed for their retirement is $800,000 in 25 years. Assume that they feel comfortable of an 8% annual investment return. How much do they have to save as a lump sum today? How much do they need to save each year? If they have $25,000 saving to put into the retirement fund today, how much do they still need to save each year?