please answer

ou are planning for a very early retirement. You would like to retire at age 40 and have encugh money saved to be able to withdraw $220,000 per year for the next 30 years (based on family histon ou think you will live to age 70 ). You plan to save by making 20 equal annual instaliments (ffrom age 20 to age 40 ) into a fairly tisky invesiment fund that you expect will earn 14% per year. You will ave the money in this fund until it is completely depleted when you are 70 years old. (Click the ioon to view Present Value of $1 table.) (Click the icon to view Present Value of Ordinary Annuity of \$1 table.) (Click the icon to view Future Value of $1 table.) (Click the lcon to view Future Value of Ordinary Annuity of $1 table.) Read the requirements. Requirement 1. How much money must you accumulate by retirement to make your plan work? (Hint: Find the present value of the $220,000 withdrawals.) (Round your finol answer to the nearest Whole dollar.) To make the plan work, you must accumulate this amount by rotirement Requirement 2. How does this amount compare to the total amount you will withdraw from the investment during retirement? How can these numbers be so different? Over the course of your retirement you will be withdrawing However, by age 40 you only need to have invested These numbers are different because: A. You need to have far less accumulated than what you will withdraw because you only withdraw a portion of the investment every year - the balance remains invested where t conthues to earn 14% interest. B. You neod to have the same amount accumulated as you will withdraw because you wil not earn further ialerest on your investment when you reach fetrement. c. You need to have far more accumulated than what you will withdraw because you will withdraw a large portion of the investmert every year-the balance remains invested where it continues to eam 14% interest. D. None of the above leave the money in this fund unt it is completely depleted when you are 70 years cli. (Cick the icon to view Present Value of $1 table) (Cick the joon to vew Present Yove of Ordinary Annuity of $1 table) (Click the icon to view Future Value of 51 table.) (Click the ioon to viow Fiture vue of Oreinary Arruity or $1 tabie) Read the tequirements. Requirement 1. How much money must you aocumulate by retirement to make your plan work? (Hilet Find the peesent vabue of the $220,000 witherawals) geound your fral anzwir to re ceereit whole dollar] To make the plan work, you must accumulate this amount by reirament Requirement 2. How does this amount compare to the total amount you will withdriw from the inwsiment during retirement? How can these rumbers be so deferent? Over the course of your retirement you will be withdrawing However, by age 40 you only need to have invested These numbers are diflerent because: A. You need to have far less accumulated than what you wil with earn 14% interest. B. You need to have the same amodnt accumulated as you will y c. You need to have far more accumulaled than what you wit wit. aw a portion of the investment every year-the balance comains mested where t conninues to continues to earn 14% interest. D. None of the above