Solve the problem using the Present Value Table below.
Charles wants to retire in 17 years. At that time he wants to be able to withdraw $22,000 at the end of each year for 18 years. Assume that money can be deposited at 6% per year compounded annually. What exact amount will Charles need in 17 years?
A. $238,216.00
B. $230,494.00
C. $495,132.00
D. $245,476.00
Answer: A
Mathematics
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