You would like to have enough money saved to receive a growing annuity for 25 years, growing at a rate of 4 percent per year, with the first payment of $60,000 occurring exactly one year after retirement. How much would you need to save in your retirement fund to achieve this goal? The interest rate is 12 percent.
A)$1,500,000.00
B)$632,390
C)$452,165
D)$1,043,287

Question

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The Answer of You would like to have enough money saved to receive a growing annuity for 25 years, growing at a rate of 4 percent per year, with the first payment of $60,000 occurring exactly one year after retirement. How much would you need to save in your retirement fund to achieve this goal? The interest rate is 12 percent.
A)$1,500,000.00
B)$632,390
C)$452,165
D)$1,043,287

You Would Like to Have Enough Money Saved to Receive