You plan to retire in year 20 Your retirement will last 30 years starting in year 20 You want to have $60,000 each year of your retirement. How much would you have to invest each year, starting in one year, for 15 years , to exactly pay for your retirement ,if your investments earn 7.00% APR (compounded annually)?

$21,125

$22,000

$20,966

$22,604