John is 64 and will retire at 65. He has $1,389,000 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. After reducing his accumulated amount by this year's $65,000 withdrawal, how much money can be withdrawn from his investment assets the first year of retirement based on using the withdrawal rate method (at the maximum safe withdrawal rate)?

Multiple Choice

$50,360

$52,960

$67,542

$65,000

$48,724