q. 3

3 points Save Answer Question 3. Sam is currently 30 years of age. He owns his own business and wants to retire at the age of 65. He has little confidence in the current Social Security system. He opens a Roth IRA and invests in a small-cap stock mutual fund his retirement. The stock mutual fund earns 13% on average. He wants to retire with an annual income of $90,000 a year. At retirement, the fund will be shifted to a large-cap stock mutual fund earning 9% on average. He believes he will live to age 90. How much does he have to accumulate by the time he reaches age 65 to receive $90,000 at the beginning of each year for the rest of his life? O $884,032.16 Ob $963,595.06 Oc. $810,560.40 Od. $875,405.23