A Worker Plans to Retire in 22 Years

A worker plans to retire in 22 years. He needs $27,000 per year in retirement income in today's dollars. If inflation is forecast at 3.1% per year, what annual income should he plan to receive in the first year of retirement in order to maintain the purchasing power on $27,000?

A) $30,353
B) $54,159
C) $37,398
D) $52,851