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Assume that you have just turned 2 1 , graduated from college, and got a great job. Because of a finance class that you took
Assume that you have just turned graduated from college, and got a great job. Because of a finance class that you took as an undergraduate, you are now planning for your retirement. You have pulled together the following facts and have made the following assumptions:
Your parents are giving you $ as a graduation present to purchase a new car. Instead, you plan to spend $ on a vacation, $ on a used car, and to invest the remaining $ starting today Year in your retirement account.
In addition to the $ above, you have saved your money over time and already had $ in your retirement account Year O
You assume that you will get married in years Year at age and plan on spending $ from your retirement account on your wedding.
You assume that you and your spouse will buy a house in years Year at age and plan on taking a down payment of $ from your retirement account.
You assume that you and your spouse will take a roundtheworld cruise in years Year at age to celebrate your anniversary and plan on spending $ from your retirement account.
You would like to retire in years Year at age and assume that you will need to withdraw $ in each of Years through the year span from age through age from your retirement account.
You believe that you can earn a nominal annual rate of return of percent compounded annually
Unfortunately, things don't add up if you with draw $ year as planned, you will run out of money by the time you are years old.
Given the information above, and assuming that you make no other deposits to your retirement account, how much can you withdraw in Years through the year span from age through age from your retirement account, where the account balance will go to zero after your last withdrawal at age
Enter your answer to the nearest dollar, truncated, with no punctuation. Note that Canvas may add commas. For example, if your answer is $ enter Canvas will present this as
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