For planning purposes, an individual wants to be able to spend€160,000 per year, at theend of each year, For an anticipated 30years in retirement. In order to fund thisretirement account, Hewill make annual deposits of €11,748 at the end of each ofhisworking years. What is the minimum number of such deposits hewill need to make tofund his desired retirement? Use 5% interestcompounded annually for all calculations.

A. 49 payments

B. 50 payments

c. 51 payments