Charlie Wants to Retire in 15 Years,and He Wants to Have

question 37

Multiple Choice

Charlie wants to retire in 15 years,and he wants to have an annuity of $50,000 a year for 20 years after retirement.Charlie wants to receive the first annuity payment the day he retires.Using an interest rate of 8%,how much must Charlie invest today in order to have his retirement annuity (round to nearest $10) .

• A)$167,130
• B)$200,450
• C)$256,890
• D)$315,240

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