Question
below is my homework problem I am struggling with. my professor wants us to be learning how to input everything into our BA II Plus
below is my homework problem I am struggling with. my professor wants us to be learning how to input everything into our BA II Plus Calculators. For some reason on this problem I feel like I am missing information or maybe I am just using the wrong formula please help. Thank you.
You and your wife are making plans for retirement. You plan on living 30 years after you retire and would like to have $100,000 annually on which to live. Your first withdrawal will be made one year after you retire and you anticipate that your retirement account will earn 15% annually.
- What amount do you need in your retirement account the day you retire? Round your answer to the nearest cent. Do not round intermediate calculations.$
- Assume that your first withdrawal will be made the day you retire. Under this assumption, what amount do you now need in your retirement account the day you retire? Round your answer to the nearest cent. Do not round intermediate calculations.$
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