You have decided to start saving for retirement. You plan on retiring 30 years from today. In your retirement would like to have $100,000 a year for 20 years, starting on the day you retire. This means you will collect for first retirement check at End-of-Year 30 and your last retirement check on End- of-Year 49 for a total of 20 retirement checks. You will save for this retirement in a savings account that earns 5% interest. The amount you need to deposit in that account today to make sure you have enough in retirement is closest to: $299,923 $288,347 $301,345 $302,765 $485,893