Suppose you will be investing $18,000 at the end of each year for the next 25 years for your retirement. At the end of this 25 year time period you hope to have accumulated $1.2 million. What annual rate of return would you have to earn on your investments to reach your target? (Round your answer to the nearest whole number percentage)

a) 9%

b) 7%

c) 5%

d) 3%