Siri Plans to Retire When Her Simple Annuity Savings Account

Siri plans to retire when her simple annuity savings account has enough money to receive $10 000.00 per month for twenty years starting at the end of the first month after her retirement. She starts saving $4420 per month. Calculate when should Siri retire from today if her savings account pays 4.9% compounded monthly.

A) 18 years
B) 216 years
C) 2.41 year
D) 1.41 years
E) 36 years

Correct Answer:

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