You sign a labor contract with your new boss who promises to start you off at $50,000 per year, starting on 8/1/22. That is, your salary from 8/1/22 through 8/1/23 will by $50,000. However, he will give you a 3% increase in your salary every Aug. 1st, for the next six years thereafter. If average annual rate of inflation over that six year period is 8% each year, what will be the purchasing power equivalent of your 2028 salary (i.e., from 8/1/28 through 8/1/29) salary expressed in "year 2022" dollars?

a. $43,504

b. $48,812

c. $57,005

d. $37,623