George is a 22 year old college student who wants to start saving for retirement. He decides to invest $5,000 in a bank every year for the next 45 years. Assume that the bank pays an annual interest of 5%. a. How much will George have in his account after 45 years? b. How much can an insurance company pay him from his retirement for the next 20 years (from 67 to 87 ) annually, if the insurance company assumes an interest rate of 8% Choose the closest answer $1,000,000 at retirement, retirement income of $80,000 per year $800,000 at retirement, retirement income of $80,000 per year $800,000 at retirement, retirement income of $100,000 per year $1,000,000 at retirement, retirement income of $100,000 per year