Jack Daniels is planning for his golden years. He will retire in 25 years, at which time he plans to begin withdrawing $70,000 annually. He is expected to live for 20 years following his retirement. His financial advisor Bud Wiser thinks he can earn 8% annually. This bonus has three parts:
1. How much does he need to invest each year to prepare for his financial needs after his retirement?
2. How much will he have in his account when he starts to draw an income?
3. How much will he have invested excluding interest?
