The answer is c., please explain!

You wish to receive a pension of EUR 76, 000 at the end of each year, starting when are 65 years old. How much do you have to save at the end of each year starting in 1 year, when you are now 39 years old. Your bank offers you a constant interest rate of 11.86%. You expect a constant annual inflation of 1.6%. (rounded to two decimal places) Select one: a. 6,458.78 b. 3,899.79 c. 7,268.49 d. 5,834.49 e. 6,021.17