You anticipate that you will need $1,500,000 when you retire 30 years from now. You just join a new firm and your first annual salary is $100,000 to be received one year from today. You also received one time signing bonus of $50,000 today. You decided that you will put all you signing bonus into your account plus you will contribute $X every year starting next year for the next 29 years. In other words, after your initial deposit of $50,000, your first payment will be made on year 1 and last payment will be on year 29. How much is $X if you want to have $1,500,000 in Year 30. Assume that interest rate is 8% , compounded annual during this duration.

a. $1,388,888.89

b. $1,288.,888.89

c. $106,159.09

d. $98,150.35

e. $8,878.15