You Plan to Retire at Age 65

Multiple Choice

You plan to retire at age 65.You want to withdraw $100,000 from your savings account every year starting on your 65 ^th birthday.You expect to make your final withdrawal on your 84^th birthday.How much must you have accumulated by your 65 ^th birthday in order to support your desired withdrawals if you earn 3% on your savings?

A) $1,532,379.91
B) $1,587,747.49
C) $1,475,351.31
D) $1,432,379.91
E) $1,090,095.56