Question 1 -- / 10 Macon would like to begin planning for retirement. He has as of his 60th birthday collected $200,000

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Question 1 10 Macon Would Like To Begin Planning For Retirement He Has As Of His 60th Birthday Collected 200 000 1 (43.89 KiB) Viewed 26 times

Question 1 -- / 10 Macon would like to begin planning for retirement. He has as of his 60th birthday collected $200,000 which he plans to deposit in a bank account earning 8% per year compounded yearly. Macon is also willing to begin saving an amount on his 61st birthday, and increase that amount by 5% every year. He would like to avail $74,000 on his 70th birthday and keep getting an amount greater than that by 15% every year till his 75th birthday. How much money should he deposited on his 61st birthday? $3,645 2) $3,951 3) $5,627 $5,842