4,44 Repeat Problem 4.43 for an interest rate of 81% per year, compounded quarterly. How significant is the wh difference? Ans. $179 267 (the 1% difference requires almost $10 000 additional)4.43 Mr. Frank is planning for a 25-year retirement period, during which he wants to withdraw a portion of his savings at the end of each year. He plans to withdraw $10 000 at the end of the first year, and to then increase the amount of the withdrawal by $1000 each year (to offset inflation). How much money should he have in his savings account at the start of his retirement period in order to achieve these goals, if the bank pays 9% per year, compounded quarterly? Compare with Problem 2.32(a). Ans, $169 740