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 be $50,000. However, he will give you a 3% increase in your salary every Aug. 1st, for the next six years thereafter. If the 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 "the year 2022" dollars?

a) $43,504

b)$48,812

c)$57,005

d)$37,623