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

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 (rounded to nearest $10) ?

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