Jamison wants to retire today and plans on living for 20 years in retirement. How much does he need to have saved in his retirement account, at the beginning of retirement, if he needs $70,000 in today's buying power and it is assumed that he will earn 6% per year and inflation will be 4% per year? 1) Less than $1,000,000 O2) Between $1,000,000 and $1,100,000 3) Between $1,100,001 and $1,200,000 O 4) Between $1,200,001 and $1,300,000 5) Greater than $1,300,000

Jamison wants to retire today and plans on living for 20 years in retirement. How much does he need to have saved in his retirement account, at the beginning of retirement, if he needs $70,000 in today's buying power and it is assumed that he will earn 6% per year and inflation will be 4% per year? 1) Less than $1,000,000 2) Between $1,000,000 and $1,100,000 3) Between $1,100,001 and $1,200,000 4) Between $1,200,001 and $1,300,000 5) Greater than $1,300,000