Sissy turned 35 today and is planning to save $5000 per year for retirement, with the first deposit being made one year from today. She is investing in a mutual fund that is expected to have a return of 8% per year. She plans to retire 30 years from today when she turns 65 and expects to live 25 years after her retirement to age 90. Under these assumptions, how much can she spend each year after she retires? Assume that her first withdraw will be made at the end of her first retirement year.

a. $47,888

b. $53,061

c. $50,408

d. $55,714