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Todd is la member of a defined contribution pension plan and both he and his...

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Finance

Todd is la member of a defined contribution pension plan and both he and his employer each contribute $5,000 per year to the plan. Todd's accrued pension assets amount to $50,000 and he intends to retire at the end of 5 years. If the contributions are made at the end of the year, Todd's salary remains the same, the investment return is 8% and Todd plans to buy an annuity that pays $80 per $1,000 of capital at retirement, what amount of annual retirement income can Todd expect as a result of his pension at retirement? O a) $8,224 O b) $8,412 O c) $10,571 O d) $10,946

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