Peter decide to set up a retirement fund. The account earns 7% effective annual interest, and he has arranged it so that he will has 0.85 million dollars in the account when he retire. He wants to receive 'N' yearly payments, starting at $50,000, and increasing every year by 3% to account for inflation. Please find 'N'. (The answer might not be a whole number)

A. 21.55

B. 24.05

C. 26.82

D. 29.91