Daryl wishes to save money to provide for his retirement. Beginning one month from now, he will begin depositing a fixed amount into a retirement savings account that will earn 12% compounded
Monthly. He will make 360 such deposits. Then, one year after making his final deposit, he will
Withdraw $100,000 annually for 25 years. The fund will continue to earn 12% compounded monthly.
How much should the monthly deposits be for his retirement plan?
A) $189.58
B) $199.58
C) $214.21
D) $234.89
E) $249.38
Correct Answer:
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