Samuel Survivor is planning to save for retirement 35 years from now.He expects to live 25 years beyond that,and would like an annual retirement income of $38,500 after tax of 30%.How much must Samuel Survivor save each year to accumulate the lump sum needed to fund retirement,at an expected annual return of 11.2%?

A) $893
B) $4,062
C) $1,339
D) $937
E) None of the above

Retirement Income

Income that an individual receives after retiring from active employment, which can come from pensions, savings, investments, and government benefits.

After Tax

Referring to the net amount remaining after income tax has been deducted from gross income.

Annual Return

Refers to the percentage change in an investment's value over a one-year period, including dividends and interest.