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Austin Miller wishes to have $200,000 in a retirement fund 30 years from now. He can create the retirement fund by making a single lump-sum

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Austin Miller wishes to have $200,000 in a retirement fund 30 years from now. He can create the retirement fund by making a single lump-sum deposit today. Use Future Value Table to solve the following problems (a) (b) (c). (a) If upon retirement in 30 years, Austin plans to invest $200,000 in a fund that earns 10%, what is the maximum annual withdrawal he can make over the following 20 years? Round the answer to the nearest cent. Round PVA-factor to three decimal places. Calculate your answer based on the PVA-factor. 5 Calculate your answer based on the financial calculator. S (b) How much would Austin need to have on deposit at retirement in order to withdraw $30,000 annually over the 20 years if the retirement fund earns 10% ? Round the answer to the nearest cent. Round PVA-factor to three decimal places. Calculate your answer based on the PVA-factor. $ Calculate your answer based on the financial calculator. $ (c) To achieve his annual withdrawal goal of $30,000 calculated in part b, how much more than the amount calculated in part a must Austin deposit today in an investment earning 10% annual interest? Round PVAfactor to three decimal places. (answer may be 0 ) Round your answer to the nearest cent. \$

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