Mr. Smith has accumulated $1 million and considers retirement. He can earn 3% compounding annually on his saving. If he spends $60,000 each year, by withdrawing the money at the beginning of each year, for how many years can the money can last? Select one: O a. 22.48 O b. 18.42 O c. 16.67 O d. 17.13 O e. 21.2