TVOM

Ella Funt would like to set up her retirement account that will begin in 25 years. To play it safe, she wants to assume that she will live forever and she will withdraw $100,000 annually. Assuming her account will earn 8% interest during the next 25 years and 5% interest afterwards forever, how much will Ella need to save annually over the next 25 years to fund her retirement account? $16,212 $22,798 $27,358 $30,454