John Adams Plans to Retire at the Age of 62

question 39

Multiple Choice

John Adams plans to retire at the age of 62.He wants an annual income of $60,000 per year.John is currently 45 years of age.How much does he have to place at the beginning of each year into a retirement account earning 15 percent per year in order to have an adequate retirement nest egg at age 62? He believes that he will live to be 87 and plans to earn 12 percent during retirement.He will draw the money at the end of each year.

• A)$6,468
• B)$11,077
• C)$9,632
• D)$8,600

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