Your client needs $80,000 each year (in dollar today) 15 years from now for a retirement period of 20 years. The rate of

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Your client needs $80,000 each year (in dollar 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. There is no
social security during retirement. 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. The answer is closer to:
a. Less than $9000
b. 9091
c. $11363
d. More than $11425
e. None of the above