Use the following information to answer questions $10-13$:David, age $45,$ wants to retire at age $60.$ He currently makes $$60,000$ per year and does not expect any pay increases but expects toreceive a cost$-$of $-$living increase equal to inflation. He has an objective to replace $80\%$ of his pre$-$retirement income. He wants theretirement income to be inflation adjusted. His portfolio is currently valued at $$150,000$ and earning $10\%$ per year. David expects inflationto average $3\%$ and expects to live until age $90.$ David wants to ignore Social Security..OonWhat will David's annual need be at age $60?$Hint: Use the worksheet Retirement Model with steps.For the current annual spending, put in his current income.When you get to the dollar amount in step $1,$ multiply that by $80\%$ to get to the correct answer. Type that into cell E$17.$The "check" number won't calculate correctly at the very end unless you change the rate to$\mathrm{.}10.$Select one:O a$.$ $$70,316$ b$.$ $$79,369$O c$.$ $$48,000$O d$.$$$72,791$O e$.$ $$74,782$