As part of your retirement plan, you want to set up an annuity in which a regular payment of $25,312 is made at the end of each year. You need to determine how much money must be deposited earning 6.2% compounded yearly in order to make the annuity payment for 20 years. a.
$2,242.78
c.
$285,671.10
b.
$506,240
d.
$537,626.90