Over the past 30 years your parents saved money each month for their retirement. They retired this week and

expect to live another 28 years. Their investment account is currently valued at $487,300 and is expected to

earn 7 percent annually in the future. How much money can they withdraw annually if they wish to spend all

of their money during their lifetime?

a. $5,158.75 b. $6,038.59 c. $39,269.75 d. $40,149.59