Today is Landon\'s 30th bithday. He plans to deposit $1,000 a month into an acco

Question

Today is Landon's 30th bithday. He plans to deposit $1,000 a month into an account that pays 8% annum. The first deosit will be made next month and the last deposit will be made on his 65th birthday. He plans to begin making monthly withdrawls on his 70th birthday with the last withdrawl to be made on his 90th birthday. he wants to have $1,000,000 left in his acount after his final withdrawl on his 90th birthday. the withdrawals should be _____

a. 26,664.83

b. 27,516.94

c.28,104.57

d.29,499.68

e. 30,541.79

Explanation / Answer

d.29,499.68

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