Ed and Steve just won $1,000,000, and are trying to decide if they have enough to retire. Beginning 15 years from today, they will withdraw $X per year from their savings. They expect to live for 20 years after retirement. If they save no additional money, what will their annual retirement income be? Assume they can earn an 8% effective annual rate on any savings.

a. $101,850 b. $299,160 c. $259,010 d. $323,090 e. $304,830