Question
At age 65, Kim has $950,000 in her retirement fund. How much she can withdraw each month until age 90 completely depleting her fund? Assume
At age 65, Kim has $950,000 in her retirement fund. How much she can withdraw each month until age 90 completely depleting her fund? Assume an interest rate of 7.5%.
(a) $7,020.42 (b) $1,082.92 (c) $85,225.14 (d) $59,375.00 (e) none of the above
An employee plans to participate in their company pension plan. The employee would like to accumulate $1,500,000 over the next 35 years. The current rate is 6.4% per year com- pounded quarterly. Which formulas would you use to find how much the employees quarterly deposits should be in order to reach his goal?
**Please answer both questions**
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