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XYZ has nothing in his retirement account. However, he plans to save $8,000 per year...

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XYZ has nothing in his retirement account. However, he plans to save $8,000 per year in his retirement account for each of the next 18 years. His first contribution to his retirement account is expected in 1 year. XYZ expects to earn 6.5 percent per year in his retirement account. XYZ plans to retire in 18 years, immediately after making his last $8,000 contribution to his retirement account. In retirement, XYZ plans to withdraw $50,000 per year for as long as he can. How many payments of $50,000 can XYZ expect to receive in retirement if he receives annual payments of $50,000 in retirement and his first retirement payment is received exactly 1 year after he retires? 5.19 (plus or minus .02 payments) 6.53 (plus or minus .02 payments) 4.37 (plus or minus .02 payments) XYZ can make an infinite number of annual withdrawals of $50,000 in retirement Dis not correct and neither A, B, nor C is within .02 payments of the correct answer OOO

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