John Adams plans to retire at the age of 62. He wants an annual income of $60,000 per year. He
believes that he will live to be 87. He will draw the money at the beginning of each year.
How
much money will he need when he retires in order to support his $60,000 annual life style if he
will average 12 percent per year on his retirement account?
A) $470,586 B) $527,059 C) $505,302 D) $439,800
B
Business
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