Paul estimates he will need a $75,000 annual income in today's dollars when he retires 10 years from now. He assumes a 3% annual rate of inflation, a 5% after-tax rate of return on his investments, and a 20-year retirement period. What lump-sum amount should Paul have accumulated over the next 10 years to support his retirement income need?

Question 8 options:

A. ) $1,657,429

B.) $2,015,880

C.) $1,689,612

D.) $1,257,227