Jeff believes he will need a $60,000 annual income during retirement. If he can achieve a 6% return during retirement and believes he will live 20 years after retirement, how much does he need to save by the time he retires? Assume he'll start drawing his money out one year after his retirement.
A) $724,055
B) $1,600,000
C) $688,200
D) $209,320
Correct Answer:
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