In their meeting with their advisor, Mr. and Mrs. O'Rourke concluded that they would need $60,000 per year during their retirement years in order to live comfortably. They will retire 10 years from now and expect a 15-year retirement period. How much should Mr. and Mrs. O'Rourke deposit now in a bank account paying 8 percent to reach financial happiness during retirement? Assume that once they retire, the O'Rourkes will withdraw $60,000 from their retirement account at the end of each year. 

A) $513,568.72 

B) $186,140.94 

C) $365,145.83 

D) $365,148.72

Answer rating: 100% (QA)

Q3 Periodic payment 60000 per year Retirement period 15 years Interest rate 8 Pa 008 Present Valu... View the full answer