John is 64 and will retire at 65. He has $1,324,000 accumulated today and when taking out steadily the income he receives from his job he has been withdrawing $65,000 from his savings each year. Using the withdrawal rate method how much money can be withdrawn from his investment assets the first year of retirement.

a. $65,000

b. $52,960

c. $50,360

d. $48,724

e. $67,542