Jack has nothing in his retirement account. However, he plans to save $8,600.00 per year in his retirement account for e

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Jack Has Nothing In His Retirement Account However He Plans To Save 8 600 00 Per Year In His Retirement Account For E 1 (38.97 KiB) Viewed 20 times

Jack has nothing in his retirement account. However, he plans to save $8,600.00 per year in his retirement account for each of the next 15 years. His first contribution to his retirement account is expected in 1 year. Jack expects to earn 7.20 percent per year in his retirement account. Jack plans to retire in 15 years, immediately after making his last $8,600.00 contribution to his retirement account. In retirement, Jack plans to withdraw $35,000.00 per year for as long as he can. How many payments of $35,000.00 can Jack expect to receive in retirement if he receives annual payments of $35,000.00 in retirement and his first retirement payment is received exactly 1 year after he retires? 9.64 (plus or minus 0.2 payments) 7.86 (plus or minus 0.2 payments) O 8.64 (plus or minus 0.2 payments) Jack can make an infinite number of annual withdrawals of $35,000.00 in retirement OD is not correct and neither A, B, nor C is within .02 payments of the correct answer