Use the following information for the next TWO questions.

• you just turned 30 years old
• you will invest an equal amount of money at the end of the next 35 years
• when you retire at age 65, you will withdraw $40,000 each year for 25 years at the end of each year
• you expect to earn 5% each year on your investments

How much money do you need at retirement?

A. $563,758

B. $383,276

C. $786,234

D. $465,783

How much money must you invest each year to reach your retirement goal?

A. $2,398

B. $4,567

C. $6,242

D. $8,390