You estimate you’ll need $200,000 per year for 25 years starting on yo

You estimate you’ll need $200,000 per year for 25 years starting on your 65th birthday to live on
during your retirement.

Today is your 50th birthday and you want to make equal deposits into an
account paying 9% interest per year, the first deposit today and the last deposit on your 64th
birthday. How much must each deposit be (rounded to the nearest $10 )?
A) $66,909 B) $49,380 C) $85,840 D) $99,920

ANSWER

A