In your retirement, you would like to receive $60,000 per year with the payments starting exactly one year after retirement. You would like these payments to continue for 25 years, with the payments growing at a rate of 4 percent per year. If the market interest rate is 12 percent, then the amount you need to save in your retirement fund by the start of your retirement is:

A. $1,500,000

B. $632,390

C. $150,000

D. $452,165

E. $1,043,287