Austin Miller wishes to have $900,000 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 $900,000 in a retirement fund 30 years from now. He can create the retirement fund by making a single lump-sum deposit today. Use next table to solve the following problems. a. If upon retirement in 30 years, Austin plans to invest $900,000 in a fund that earns 6%, what is the maximum annual withdrawal he can make over the following 15 years? 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. $ b. How much would Austin need to have on deposit at retirement in order to withdraw $50,000 annually over the 15 years if the retirement fund earns 6%? 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 $50,000 calculated in part b, how much more than the amount calculated in part a must Austin deposit today in an investment earning 6% annual interest? Round PVA-factor to three decimal places. Round your answer to the nearest cent. If an amount is zero, enter "0". $ M w 91 SOL PL REL DE TE ONCE BE WIE Wir TE MTE BE BRE tot VEL CE EITE DYE CE TOT CELE NOTE CHE 170 E CIC Table of Future Value Factors Instructions: To use this table, find the future value factor that corresponds to both a given time period tror and anoret e Forcare you want the tuturn value factor for years and 10%, move across from year and down from 10% to the point at which the row and column imersect 1.772 Othe for 3 years and 15%, the proper future value factor is 1.521for 30 years and 8%, it is 10.053 INTEREST RATE IN EN 105 TIN 1 1010 100 100 4 10 1.000 2 1.000 1, 110110 1. DO NO 102 1180 LIO ti 20 300 EXT 13 TIM 1041 TADA 1,1 10 . 1.00 1104 12 2.217 13 3. TA al OGO 10 it 2.100 41 TAT > im 107 1,10 200 11 2013 200 28 1.700 11 10 1,71 20 31 23 LIT 1367 13 14 111 1.99 2144 20 . 1.001 2.410 18 130 143 1.05 1 135 3511 000 2.17 2. 273 Los 3006 361 121 13 1.00 108 TA 1.00 . 2.150 23 2.0 200 2108 11 2.70 LO 441 1.11 12 15 HOT 1719 1. 2.105 2:32 250 14 38 43 LIT 1,004 12 EIN To 1.601 225 2513 2013 0305 550 140 6.30 La 2410 100 24 6.13 14 13 5.30 30 2. 70 OU 1010 11 13 . 11 207 23 2.71 2.1 17 3.4 6264 71 3:13 118 100 805 1.373 2100 2.50 1.000 10 7002 10.1.2014 1.100 10 165 194 2.00 100 3.700 2.30 10.751 128 16.6 10.14 1.400 200 2.00 2407 25 200 2. 17 S. 1034 1057823 ze 19 1.754 2.107 2.527 3.00 2017 10 6118 10189 2016 20 1. tos 2.101 2600 320 3.000 S.COM 11 2.10 20 1.200 1.300 2223 2.79 2.400 141 5.000 10 10.00 130 13.082 22.5 23 230 1. he 3370 3.925 2004 600 5.402 0412100 140751791 21.4 26.11.2014 18 1.374 2.48 3072 20 4.1 1021 7.29 EM 11.50 000 24001180 20 100 2.00 2. 3225 5072 654 1223 15173 11000 110 02 2011 13 10 2014 3. 547 0.006 11.000 212 213140.00 $6.000.000 1.29 LET 115 360 5.802 2. 9. 15.000 18.00 201615 41414379 1300 11 2221 170 LO 14 70 10.246 13.110 16.721.26 27.104595 85.000 200 LI 2.15 6.64 167 14471 18.02 2010 1.0 1.14 2257 21 41 S. 7.11 3.517 12.172 2004 2.750 Ho 74.000 20 30 30 san 25 702 0.0 22.00 7116 0 0 0 11.005 10 3.000 2014 5510 2014 S000 12.00 100 110 1114 24.03 10 LD 20 21 310457.001 0.002.1.06 m 1000 hod SIS WE WT SIS 1501 DUCT CE CIE WE LE RE HOTE 1400 16 Ori YOL GOT DET WZ QUE nem TE EL 10 SO BE DE DE WE HOME ICON Table of Future Value Annuity Factors Sheet +