After Retirement, You Expect to Live for 25 Years

Multiple Choice

After retirement, you expect to live for 25 years. You would like to have $75,000 income each year. How much should you have saved in your retirement account to receive this income, if the annual interest rate is 9 percent per year? (Assume that the payments start on the day of your retirement.)

A) $736,693.47
B) $802,995.88
C) $2,043,750.21
D) $1,427,831.93