Solve the application problem. Round to the nearest cent.
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 17 years. Assume that money can be deposited at 10% per year compounded annually. What exact amount will Charles need in 17 years?
A. $172,121.62
B. $263,525.90
C. $180,431.02
D. $176,474.10
Answer: D
Mathematics
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