Problem:
How much money does Suzie need to have in her retirement savings account today if she wishes to withdraw $25,000 a year for 30 years? She expects to earn an average rate of return of 13 percent.
- $176,800.16
- $180,419.81
- $181,533.33
- $185,160.98
- $187,391.34
Note: Please provide equation and explain comprehensively and give step by step solution.