Answer Happy

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