Retirement planning

3.Your sister turned 35 today, and she is planning to save $8,500 per year for retirement, with the first deposit made one year from today and the last deposit made on her 65^th birthday.She currently has no retirement savings.She will invest in a mutual fund, which she expects to provide a return of 7% per year throughout her lifetime.She plans to retire 30 years from today, when she turns 65. She will make a total of 25 annual withdrawalswith her first withdrawal made when she is 66 years old and the last withdrawal made when she is 90.After the last withdrawal there will be $500,000 left in the account.Under these assumptions, how much can she spend in each year after she retires?

a.$49,889.77

b.$52,542.66

c.$55,000.00

d.$58,775.25

e.$60,993.44

I got answer e. $60,993.44, is that right?

I took the starting contribution of $8,500 at age 36 and added the 7% to the previous balance and added the annual contribution. At age 65 she has $802,916.68. At age 66 I took the previous balance, added the 7% return and subtracted the annual withdrawal amount and did that for year each until age 90. After her withdrawal at age 90, she has $499,999.83.