Approximately how much must be saved for retirement in order to withdraw $$71,000$ per year for the next $16$ years if you earn $7\mathrm{.}90\%$ annually, and the first payment occurs one year from now?

Question $6$Answer

a$.$

$$527,071$

b$.$

$$632,485$

c$.$

$$421,657$

d$.$

$$2,134,978$

e$.$

$$1,136,000$