Your firm is bidding to manage a company's pension plan. The present value of the plan's expected future outlays over the next 8 years is $9 million at the plan's current rate of return of 4%. If your firm can increase the plan's expected return to 5%, the present value of the plan's expected future outlays over the next 8 years will be $8 million. In this case how much money can the firm save in reduced contributions to its pension plan this year? (Do not round intermediate calculations.)

A  $105,066    B  $108,036     C $98,976       D  $92,155