You Want to Have $1

You want to have $1.04 million in real dollars in an account when you retire in 38 years.The nominal return on your investment is 8 percent and the inflation rate is 3.5 percent.What is the real amount you must deposit each year to achieve your goal?

A) $10,667.67
B) $10,878.49
C) $11,194.39
D) $11,515.09
E) $11,744.12