Future Value Question?

Question

Our phonecian will retire in 20 years, he decides he needs $67,000 in his account to live comfortable. If inflation averages 5% per year between now and when our seafarer retires, how much will he need in the first year of retirement? Hint the question is inquiring as to what dollar amount wil buy the equivalent of what $67,000 purchases today?

Answer 1

I did it on the Bloomberg retirement calculator and it gave me:
$169,306