Present and future values of $1 at 3% are presented below: N FV $1 1 1.03000 PV $1 0.97087 FVA $1 1.0000 PVA $1 0.97087 FVAD $1 PVAD $1 1.0300 1.00000 2 1.06090 0.94260 2.0300 3 1.09273 0.91514 4 56 1.12551 0.88849 1.15927 0.86261 1.91347 3.0909 2.82861 4.1836 3.71710 2.0909 1.97087 3.1836 2.91347 4.3091 3.82861 5.3091 4.57971 5.4684 4.71710 6 1.19405 0.83748 6.4684 5.41719 6.6625 5.57971 7 1.22987 0.81309 7.6625 6.23028 7.8923 6.41719 00 8 1.26677 0.78941 8.8923 7.01969 9.1591 7.23028 9 1.30477 0.76642 10.1591 7.78611 10.4639 8.01969 10 1.34392 0.74409 11.4639 8.53020 11 1.38423 0.72242 12.8078 12 14.1920 16 1.42576 0.70138 13 1.46853 0.68095 15.6178 10.63496 14 1.51259 0.66112 17.0863 11.29607 15 1.55797 0.64186 18.5989 11.93794 19.1569 12.29607 1.60471 0.62317 20.1569 12.56110 20.7616 12.93794 9.25262 9.95400 11.8078 8.78611 13.1920 9.53020 14.6178 10.25262 16.0863 10.95400 17.5989 11.63496 Jimmy has $404,128 accumulated in a 401K plan. The fund is earning a low, but safe, 3% per year. The withdrawals will take place at the end of each year starting a year from now. How soon will the fund be exhausted if Jimmy withdraws $38,000 each year? Multiple Choice 13 years 12 years 15 years 16 years