You would like to have enough money saved to receive a growing annuity for 25 years, growing at a rate of 4 percent per year, with the first payment of $62,600 occurring exactly one year after retirement. How much would you need to save in your retirement fund to achieve this goal? The interest rate is 12 percent. Multiple Choice $1,088,594 $659,794 $1,565,000 $471,759