Solve the problem using the Present Value Table below. Charles wants to retire in 17 years. At that time he wants to be able to withdraw $22,000 at the end of each year for 18 years. Assume that money can be deposited at 6% per year compounded annually. What exact amount will Charles need in 17 years? Prasant Value of a $1.00 Ordinary Annuity Rate per period Period: 19 398 5% 796 896 10% 129 1 0.980 0.971 0.962 0.952 0943 0.935 2 1.942 0.926 0917 0.909 0.893 1.913 1.886 1.859 1.833 1.SOS 1.783 1.759 1.736 1.690 3 2.584 2.829 2.775 2.723 2.673 2.624 2.573 2.591 2.457 2.402 4 3.SOS 3.717 3.630 3.546 3.465 3.357 3.312 3.240 3.110 3037 5 4.713 4530 4329 4212 4100 3.9933.890 3.791 3.605 6 5.601 5.417 5.242 5.076 4917 4.767 4.623 4,456 4355 4111 7 6.472 6.230 6.002 5.786 5582 5.389 5.200 5.033 4.668 4.564 $ 7325 7020 6.733 6.463 6.210 5.971 3.747 5.535 5335 4.968 9 $ 162 7.786 7.433 7.105 6302 6.515 6.247 5.9955.759 5.328 10 5953 3.530 8111 7222 7360 7024 6.710 6418 6.145 5.650 11 9.751 9.253 8.760 8.306 7887 7.499 7139 6.895 6.495 5.938 12 10.575 9.954 9.355 8.863 8384 7.943 7.536 7.161 6.314 6.194 13 11.345 10.635 9.986 9.394 5.853 8.335 7.904 7.457 7.103 6.424 1+ 12.106 11.296 10.563 9 999 9.295 8.745 7.786 7367 6.628 15 12. 849 11.938 11.11$ 10.350 9.712 9.105 3.559 8061 7606 6.511 16 13.578 12 561 11.652 10.83 10.106 9.447 8851 8.3137834 6.974 17 14.292 13.166 12.166 11.274 10.477 9.763 9.122 8.514 8.022 7.120 18 14.992 13.754 12.659 11.690 10 825 10.059 9.372 $.756 3.201 7250 19 15 673 14.324 13.134 12.085 11.158 10.336 9.604 8.950 8.365 7.366 20 16.351 14577 13.590 12.462 11.470 10.594 9.818 9.129 8514 7.469 19.533 17413 15.622 14.094 12.753 11.654 10 675 9.339.077 7543 30 22 396 19.600 17.292 15.372 13.765 12.409 11.25S 10.274 9.427 8.055 40 27.355 23.115 19.793 17.159 15.046 13.332 11 995 10.757 9 779 8 244 50 31.434 25.730 21.452 18 256 15.762 13.801 12.233 10.962 9.915 8.304 Select one: O a. 5495, 132.00 O b. $230,494.00 O c. $245,476.00 O d. $238,216.00