Saved when you retire, you expect to live for another 30 years. During those 30 years, you want to be able to withdraw $45,000 at the beginning of each year for living expenses. How much money do you have to have in your retirement account to make this happen? Assume that you can earn 8% on your investments.
a. $1,350,000.00
b. $723,745.49
c. $547,128.27
d. $506,600.25
