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Barb is 50 years old and has already accumulated a little less than $700,000 toward her retirement funding need. Unfortunately, her financial planner has told
Barb is 50 years old and has already accumulated a little less than $700,000 toward her retirement funding need. Unfortunately, her financial planner has told her that she needs an additional $1,810,242 to fully fund her retirement. Barb plans to retire when she is 65 and can earn a 7% annual return on her investments. What is the level payment that Barb will need to make at the end of each year (for the next 15 years) to reach her goal? (Round your answer.)
A) $67,325 B) $72,038 C) $198,755 D) $185,752
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