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You are saving for retirement. You would like to retiro at age 65 . You plan to make your last deposit into your retirement savings
You are saving for retirement. You would like to retiro at age 65 . You plan to make your last deposit into your retirement savings occount on your 64 th birthday and start withdrawing funds one yeor later on your 65 th birthdoy. You would like your first withdrawal to be $75,000. and then you want the subsequent annual withdrawals to grow at 2% per yeor to maintain purchasing power affet inflation. You expect to mdde your final withdrowal on your losth birthday. You estimate that your fetiroment savings will eam 7% while you are saving and during retirement while you are making withdrewals. How much must bo in your retirement savings account immediately atter making the final deposit on your 64 th birthday to fund the rofirement income? LO and LO3. $1.509,567,16 $1.756,637.97 \$1.953.285.72 $1.289.154.95
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