Tyrone, age 25, expects to retire at age 60. He expects to live until age 90. He

Question:

Tyrone, age 25, expects to retire at age 60. He expects to live until age 90. He anticipates needing $45,000 per year in today's dollars during retirement. Tyrone can earn a 12% rate of return and he expects inflation to be 4%. How much must Tyrone save, at the Beginning of each year, to meet his retirement goal?
a. $3,980.76
b. $4,585.46
c. $4,879.29
d. $5,132.33