A retirement plan guarantees to pay to you or your estate a fixed amount for 20 years. At the time of retirement, you will have $73,425. The plan anticipates earning 8% interest. Given the following information, how much will you be able to take out on an annual basis while you are retired?
A) $1,435
B) $13,070
C) $7,479
D) $13,102
Correct Answer:
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