For your 25th birthday, your wealthy grandmother gave you $50,000. You use the gift to jumpstart your retirement account which pays 8% compounded annually. In addition, you make $5,000 contributions into your account at the end of each year until you retire at age 65. If you plan on withdrawing $248,000 at the end of each year during retirement, approximately how many years can you survive off your savings? approximately 1 year approximately 7 years approximately 10 years approximately 19 years