Andrew, age 54, who wishes to retire at age 65, needs to accumulate an additional $900,000 in today's dollars for retirement. Andrew believes that inflation will average 4% per year and that he can earn an after-tax rate of return of 8% on his chosen investment. If Andrew makes serial funding payments increasing by 4% each year, what serial payment should Andrew make at the end of the first year?

a) $66,734.14

b) $67,268.12

c) $67,367.78

d) $69,958.84