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A) Derek decides that he needs $130,476.00 per year in retirement to cover his living expenses. Therefore, he wants to withdraw $130476.0 on each birthday
A) Derek decides that he needs $130,476.00 per year in retirement to cover his living expenses. Therefore, he wants to withdraw $130476.0 on each birthday from his 66th to his 85.00th. How much will he need in his retirement account on his 65th birthday? Assume a interest rate of 9.00%.
B)What is the value today of a money machine that will pay $1,488.00 per year for 18.00 years? Assume the first payment is made 2.00 years from today and the interest rate is 10.00%.
Answer format: Currency: Round to: 3 decimal places.
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