You want to live off $$90,000$ per year in retirement. You estimate by the time you retire; you will have about $30$ years of life left after retirement. How much money do you need to have at the start of retirement in order to live off $$90,000$ per year for $30$ years in a retirement account that earns $6\mathrm{.}5\%$ compounded annual interest? $($round to the nearest dollar$).$

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a

$$1,843,325$

b

$$1,175,281$

c

$$1,243,843$

d

$$1,954,107$

Answer rating: 100% (QA)

To solve this problem we need to use the present value of an annuity formula The formula for the pr... View the full answer