30. George and Julia anticipate that they will require an annual income of $72,000 (in today's dollars) when they retire 15 years from now. They expect to receive Social Security benefits of $18,000 per year at that time. In calculating their retirement savings need, they are assuming a 3% annual rate of inflation, an 8% after-tax return on investments, and a 25-year retirement period. What is the total amount of retirement fund or capital that George and Julia will require to support their income needs at the beginning of their retirement? (Round your answer to the nearest dollar.) A. $1,412,257 B. $1,203,226 C. $1,261,635 D. $1,356,875