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Congrats! You just won the Engineering Economy lottery! Your award will be: A starting sum of $ 8 0 , 0 0 0 at the
Congrats! You just won the Engineering Economy lottery! Your award will be: A starting sum of $ at the end of year with yearly increases of each year! Given your financial expertise, you plan on opening a retirement account, where you will deposit of your winnings each year for the next years. Keep in mind, your retirement account has an annual interest rate of
a How much money will be in your retirement account at the end of years? Hint: this is a geometric gradient problem
b How much can you withdraw from that account each year in retirement for years? Assume you will withdraw the same amount each year. Hint: this is a uniform annuity problem
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