Will and Lisa Snyder, both age 50, need to save an additional $1 million over the next 15 years to meet their retirement income needs. They believe they can earn a 7% after-tax investment return on their retirement fund in an environment of 4% inflation.

Which one of the following amounts correctly represents Will and Lisa's first year-end savings payment (adjusted for inflation)?

$30,108

$30,144

$30,434

$31,048

$31,312