You would like to have enough money saved to receive a growing annuity for $20$ years, growing at a rate of $5$ percent per year, with the first payment of $$51,200$ 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 $10$ percent

Multiple Choice

$$435,887\mathrm{.}69$

$47,288\mathrm{.}76$