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Ow much money will need when retires in order to support

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Problem 1: Neil plans to retire at the age of 70. He wants an annual income of $60,000 per year. He believes that he will live to be 95. He will draw the money at the end 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? (TIP: Based on the ages given, assume a 25 year distribution period.)

Option 1: $527,059

Option 2: $470,588

Option 3: $505,302

Option 4: $439,800

Reference no: EM132844397

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