A couple wants to accumulate a retirement fund of $300,000 in current dollars in 18 years. They expect inflation to be 4 percent per year during that period. If they set aside $20,000 at the end of each year and earn 6 percent on their investment, will they reach their goal?

a. Yes, they will accumulate $10,368 more than needed.

b. Yes, they will accumulate $47,454 more than needed.

c. No, they will accumulate $10,368 less than needed.

d. No, they will accumulate $47,454 less than needed.