Charlie would like to retire in 11 years at the age of 66.

He would like to have sufficient retirement assets to allow him to withdraw 90% of his current income, less Social Security, at the beginning of each year. He expects to receive $24,000 per year from Social Security in today’s dollars. Charlie is conservative and assumes that he will only earn 9% on his investments, that inflation will be 4% per year and that he will live to be 106 years old. If Charlie currently earns $150,000, how much does he need at retirement?

a. $1,955,893.

b. $2,049,927.

c. $3,011,008.

d.$3,155,/06.