Tyrone, age 25, expects to retire at age 60. He expects to live until age 90. He anticipates needing $45,000 per year in todays dollars during retirement. Tyrone can earn a 12% rate of return and he expects inflation to be 4%. How much must Tyrone save, at the Beginning of each year, to meet his retirement goal?

a.) $3,980.76

b.) $4,585.46

c.) $4,879.29

d.) $5,132.33

Please show steps.