Thomas Monroe is going to take out a withdrawal of $80,000 per year at t = 0 through t=5. Then he is going to make 50 annual unequal withdrawals from his savings with the first withdrawal occurring at t=6 and the last withdrawal occurring at t=55. He wants each withdrawal to have the same purchasing power as $150,000 has today so the withdrawals need to grow at a constant rate of 3% to compensate for expected inflation per year. His account earns 10% per year. How much needs to be in his account today for him to be able to withdraw $80,000 per year at t=0 through t=5 and make 50 additional withdrawals (from t=6 through t=55)?

0 1 2 3 4 5 6 54 55

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-80K -80K -80K -80K -80K -80K W₁ W₄₉ W₅₀

a. $1,912,673

b. $1,781,925

c. $1,629,682

d. $1,821,701

e. None of the above is within $100 of the correct answer.

The answer is A, please help show work

Thank you