Joyce Albertson wants to receive the equivalent of $40,000 in today's dollars at the beggining of each year for the next 15 years. She assumes that inflation will average 5% over the long run and that she can earn a 10% compound annual after -tax return on investments. What lump sum is required to fund her needs?
a)83,157
b) 442,042
c)421,950
d) 695,749