Pfizer Inc., a pharmaceutical company, reported net income for fiscal 2013 of $22,003 million, retained earnings at the start of the year of $54,240 million and dividends of $6,511 million. If there were no other transactions during the year that affected retained earnings, what was the balance of retained earnings at the end of the year?

$ 69,732 million

$ 38,748 million

$ 47,729 million

$ 124,926 million