Question
A couple is saving for retirement with three different accounts. The table below shows the current balances in their accounts, along with their yearly contribution,
A couple is saving for retirement with three different accounts. The table below shows the current balances in their accounts, along with their yearly contribution, and the yearly return on each account. The couple will retire in 24.00 years and pool the money into a savings account that pays 3.00% APR. They plan on living for 26.00 more years and making their yearly withdrawals at the beginning of the year. What will be their yearly withdrawal?
| Account | Balance | Yearly Contribution | APR |
| Fidelity Mutual Fund | $22,385.00 | $1,000.00 | 7.00% |
| Vanguard Mutual Fund | $191,069.00 | $10,000.00 | 7.00% |
| Employer 401k | $311,247.00 | $15,000.00 | 6.00% |
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Sport Finance
Authors: Gil Fried, Timothy D. DeSchriver, Michael Mondello
4th Edition
1492559733, 978-1492559733
