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Solve the Application Problem

Question 3

Multiple Choice

Solve the application problem. Round to the nearest cent. Solve the application problem. Round to the nearest cent. -Charles wants to retire in 17 years. At that time he wants to be able to withdraw $22,000 at the end of each year for 17 years. Assume that money can be deposited at 10% per year compounded annually. What exact amount will Charles need in 17 years? A) $180,431.02 B) $263,525.90 C) $172,121.62 D) $176,474.10
-Charles wants to retire in 17 years. At that time he wants to be able to withdraw $22,000 at the end of each year for 17 years. Assume that money can be deposited at 10% per year compounded annually. What exact amount will Charles need in 17 years?


A) $180,431.02
B) $263,525.90
C) $172,121.62
D) $176,474.10

Correct Answer:

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