George Is Planning to Have a Retirement Income of $7,000

Multiple Choice

George is planning to have a retirement income of $7,000 at the end of every three months for the first 15 years that he is retired and then increase it to $10,000 every three months for the next 10 years. If his retirement funds earn 9.0% compounded quarterly, how much money must he have when he retires?

A) $491,177
B) $117,279
C) $298,170
D) $256,814
E) $820,000