You plan to retire at age 55. You want to withdraw $100,000 from your savings account every year starting on your 55th birthday and ending on your 84th birthday. Today is your 25th birthday. You wish to make equal annual deposits into your savings account on your birthdays (starting today) and continuing until your 54th birthday. How much must you deposit each year if you earn 5% on your investments?

A) $22,035.95

B) *$23,137.74

C) $24,294.63

D) $25,226.98

E) $27,031.21

CORRECT ANSWER IS B. PLEASE EXPLAIN WITH DETAIL. THANK YOU!