Your friend is about to retire in five years from today. According to your financial plan for him, he needs $1,600 monthly until death. Assuming life expectancy of 20 years and interest rate 6%, how much your friend needs to have in his bank account today? Keep your answer to four decimal places.

Select one:

a. $226,225.00

b. $226,228.00

c. $226,229.00

d. $226,227.00

e. $169,049.97