Your client needs $80,000 each year ($ today) 15 years from now for a retirement period of 20 years. The rate of inflation is 4% for the next 15 years compounded annually. Ignore the rate of inflation and the rate of investment beyond year 15. There is an investment opportunity of 7% (tax-exempt) compounded monthly. On a monthly basis, how much should the client deposit each month to achieve this goal before income tax if the income tax rate of the client is 20%? The answer is closer to:

a. Less than $9000

b. 9091

c. $11363

d. More than $11425

e. None of the above. My answer is