After retirement, you expect to live for 24 years. You would like to have $75,000 income each year. How much should you have saved in your retirement account to receive this income, if the annual interest rate is 9 percent per year? (Assume that the payments start on the day of your retirement; i.e., you would like to have $75,000 from t=0, 1, 2, 24)

a) $736,693.47

b) $802,995.88

c) $2,043,750.21

d) $1,427,831.93