Answer Happy

Question 2 -- / 10 Macon would like to begin planning for retirement. He has as of his 60th birthday collected $225,000 which he plans to deposit in a bank account earning 6% per year compounded yearly. Macon is also willing to begin saving an amount on his 61st birthday, and increase that amount by 7% every year. He would like to avail $74,000 on his 70th birthday and keep getting an amount greater than that by 12.5% every year till his 75th birthday. How much money should he deposited on his 61st birthday? $3,645 2) $7,279 3) $3,951 4) $3,842