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9. You can deposit $2000 per year into an account that pays 14% interest. If you deposit such amounts for 10 years and after that
9. You can deposit $2000 per year into an account that pays 14% interest. If you deposit such amounts for 10 years and after that start drawing money out of the account in equal annual installments, how much could you draw out each year for 15 years? 10. Deryl wishes to save money to provide for his retirement. Beginning one year from now, he will begin depositing the same fixed amount each year for the next 30 years into a retirement savings account. Starting one year after making his final deposit, he will withdraw $100,000 annually for each of the following 25 years i.e. he will make 25 withdrawals in all). Assume that the retirement fund earns 12% annually over both the period that he is depositing money and the period he makes withdrawals. In order for Deryl to have sufficient funds in his account to fund his retirement, how much should he deposit annually (rounded to the nearest dollar)
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