K is planning for retirement. She wants to receive a stream of 22 end of year annual payments in retirement that grow at a rate of 3% each year.

Ms. K is planning for retirement. She wants to receive a stream of 22 end of year annual payments in retirement that grow at a rate of 3% each year. She wants the beginning payment received 1 year after retiring to be $36,000. If annual interest rates during retirement are expected to be 5%, how much should she have accumulated on the day that she retires?

$620,965

$583,707

$540,239

$602,336

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