Nelson has nothing in his retirement account. However, he plans to save $8,900.00 per year in his retirement account for each of the next 12 years. His first contribution to his retirement account is expected in 1 year. Nelson expects to earn 6.60 percent per year in his retirement account. Nelson plans to retire in 12 years, immediately after making his last $8,900.00 contribution to his retirement account. In retirement, Nelson plans to withdraw $34,000.00 per year for as long as he can. How many payments of $34,000.00 can Nelson expect to receive in retirement if he receives annual payments of $34,000.00 in retirement and his first retirement payment is received exactly 1 year after he retires?

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5.62 (plus or minus 0.2 payments) 5.21 (plus or minus 0.2 payments) 6.62 (plus or minus 0.2 payments) Nelson can make an infinite number of annual withdrawals of $34,000.00 in retirement D is not correct and neither A, B, nor C is within .02 payments of the correct