Question: Macon would like to begin planning for retirement. He has as of his 60th birthday collected $150,000 which he plans to deposit in a bank

Macon would like to begin planning for retirement. He has as of his 60th birthday collected $150,000 which he plans to deposit in a bank account earning 4.5% per year compounded yearly. Macon is also willing to begin saving an amount on his 61st birthday, and increase that amount by 3.5% every year. He would like to avail $45,000 on his 70th birthday and keep getting an amount greater than that by 6% every year till his 75th birthday. How much money should he deposit on his 61st birthday?

Group of answer choices

a. $3,645

b. $3,951

c. $3,842

d. $7,279

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