Approximately How Much Must Be Saved for Retirement in Order

Multiple Choice

Approximately how much must be saved for retirement in order to withdraw $100,000 per year for the next 25 years if the balance earns 8% annually,and the first payment occurs one year from now?

A) $1,067,477.62
B) $1,128,433.33
C) $1,487,320.09
D) $1,250,000.00