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17. On his 25th birthday, Ned is worried because he has only $200 in his retirement account. So, beginning that day and for 40 birthdays
17. On his 25th birthday, Ned is worried because he has only $200 in his retirement account. So, beginning that day and for 40 birthdays in all, Ned supplements that account by putting aside $500 on each birthday. At age 65, Ned finally retires and immediately begins using those retirement funds at the rate of $12,000 per year which he takes on his 65th birthday and on each birthday thereafter. For how long will Ned's fund last assuming an annual effective rate of 10% during the accumulation phase but only 5% during his retirement years. A. Forever B. C. D. 5 years E. Cannot be determined from the information given 69 years 15 years
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