What amount of money will Kevin need to have in 20 years when he retires? His goal is to purchase an ordinary annuity that pays $1,000 per month for 30 years after he retires? Assume that after he retires the interest rate will be 7.2% compounded monthly.
A) $226,581
B) $350,550
C) $104,728
D) $147,321
E) $360,000

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The Answer of What amount of money will Kevin need to have in 20 years when he retires? His goal is to purchase an ordinary annuity that pays $1,000 per month for 30 years after he retires? Assume that after he retires the interest rate will be 7.2% compounded monthly.
A) $226,581
B) $350,550
C) $104,728
D) $147,321
E) $360,000

What Amount of Money Will Kevin Need to Have in 20