A. 13520

B. 14525

C. 15610

D. 195401

E. 249025

A recent college graduate is considering saving for retirement. He just celebrated his 23rd birthday, and believes he will need to save $3,350,000 in order to retire comfortably at the age of 65. He wants to set aside an equal amount of money each year, beginning next year (on his 24th birthday) and continuing until his 65th birthday, when will make his final retirement contribution. If he believes he can earn 7% interest on his savings, how much will he have to save each year to meet his retirement goal (rounded to the nearest dollar)