3. Stephen plans to save $20,000.00 per year until he retires. His first savings contribution to his retirement account is expected in 1 year from today. Stephen plans to retire in 7 years from today, immediately after making

his last $20,000.00 contribution to his retirement account. He then plans to be retired for 7 years. Stephen expects to earn 6.00 percent per year in his retirement account, both before and during his retirement. If

Stephen receives equal annual payments from his retirement account during his retirement with the first of these annual retirement payments received in 1 year after he retires and the last of these annual retirement

payments received in 7 years after he retires, then how much can Stephen expect each of his annual retirement payments to be?

$24.681.62 (plus or minus $10)

$28,370.38 (plus or minus $10)

$24,561.41 (plus or minus $10)

$30,072.61 (plus or minus $10)

None of the above is within $10 of the correct answer