Michael and Fiona will retire in a few years. At that time, in addition to their social security retirement income, they would like to receive $40,000 (today's dollars) per year from their portfolio at the beginning of each year. They assume inflation will be 4% and that they can make an 8% return on their investments. They want to calculate their need based on a 30 year life expectancy after retirement. How much will they need to have in their retirement fund at retirement in order to achieve their goal?

Select one:

a. $731,894.20

b. Cannot determine since their ages are not provided.

c. $698,457.24

d. $813,529.88

e. $728,299.37

Please show your work using TVM concepts.