Mr. Phillip Po, aged 44, is planning to retire at age 60. He understands from his advisor that he currently has a retirement funding shortfall of $500,000 at age 60 when he retires. His financial planner has recommended a regular savings plan in unit trusts as a suitable product to help him meet the retirement funding shortfall. Assuming that the inflation-adjusted rate of return on unit trusts is 3.8%, what is the regular savings which Phillip will need to set aside yearly till his retirement?

$22,427

$31,250

$23,279

$24,083