ASSUME that in 25 years you will need $500,000 for your retirement (i.e. retirement is actually 25 years away, and you want to have saved $500,000). How much money would you have to put into a banktodayto accumulate this if your money will earn 8% per year (assumeannual compounding)?

A) 73,009

B) 166,365

C) 211, 573

D) 676,001

E) insufficient information to compute