Chapter 2 Financial Planning Exercise 7 Funding a retirement goal Austin Miller wishes to have $600,000 in a retirement fund 25 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 25 years, Austin plans to invest $600,000 in a fund that earns 4%, 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. $ Calculate your answer based on the financial calculator. $ b. How much would Austin need to have on deposit at retirement in order to withdraw $60,000 annually over the 20 years if the retirement fund earns 4%? 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 $60,000 calculated in part b, how much more than the amount calculated in part a must Austin deposit today in an investment earning 4% annual interest? Round PVA-factor to three decimal places. Round your answer to the nearest cent. If an amount is zero, enter "0". $ Check My Work 0= Icon Key