You Wish to Have $10,000 Per Year as a Retirement

Multiple Choice

You wish to have $10,000 per year as a retirement supplement for 20 years (from age 65-85) . You are now 40 years old. How much must you save each year for the next 25 years if you assume your savings will earn 12% annually?

A) $560.17
B) $1,499.99
C) $5,403.87
D) None of the above