Sheila joined The Circle, Inc. at the age of 36 with a starting salary of $75,000. She expects a salary increase of 5 percent every year. Her retirement plan requires her to pay 9 percent of her salary, while the company matches it at 32 percent. She expects an annual return of 7 percent on her retirement portfolio. Using a predictive model for Sheila's first five years, calculate the following, assuming that the salary increases at the same rate every year, and the return of interest does not change.

Retirement Plan Model for Sheila
Data
Retirement Contribution (% of Salary)	9 percent
Employer Match	32 percent
Annual Salary Increase	5 percent
Annual Return on Investment	7 percent

What is the total retirement balance when Sheila has reached the age of 40 while working with The Circle, Inc.?

A. $108,374.54
B. $56,253.36
C. $53,627.87
D. $91,163.45