Assume that you are $30$ years old today, and that you are planning on retiring at age $65.$ Your current salary is $$45,000$ and you expect your salary to increase at a rate of $5\%$ per year as long as you work. To save for your retirement, you plan on making annual contributions to a retirement account. Your first contribution will be made on your $31$st birthday and will be $8\%$ of this year's salary. Likewise, you expect to deposit $8\%$ of your salary each year until you reach age $65.$ At retirement $($age $65)$ you will begin withdrawing equal annual payments to pay for your living expenses during retirement $($on your $65$th birthday$).$ If you expect to die one day before your $101$st birthday $($your last withdrawal will be on your $100$th birthday$)$ and if the annual rate of return is $7\%,$ then how much money will you have to spend in each of your golden years of retirement?

Question $5$ options:

$$68,469$

$$71,260$

$$92,895$

$$53,000$