Eddie began to save for his retirement at age 20 by putting $225 per month into an ordinary annuity paying 6% interest compounded monthly. After 22 years, he could no longer make payments so he placed the accumulated value of the annuity into a savings account paying 4% compounded monthly. He left the money in this account until he reached age 65 and retired. How much did he have for retirement ?

Question 20 options:

$418,574.95

$307,922.39

$122,900.82

$167,065.49

$218,831.54