You would like to have enough money saved to receive a growing annuity for $25$ years, growing at a rate of $4$ percent per year, with the first payment of $$61,000$ occurring exactly one year after retirement. How much would you need to save in your retirement fund to achieve this goal? The interest rate is $12$ percent.

a$.$

$$1,525,000$

b$.$

$$642,930$

c$.$

$$459,701$

d$.$

$$1,060,713$