Question
Derek currently has $13,227.00 in an account that pays 4.00%. He will withdraw $5,940.00 every other year beginning next year until he has taken 6.00
Derek currently has $13,227.00 in an account that pays 4.00%. He will withdraw $5,940.00 every other year beginning next year until he has taken 6.00 withdrawals. He will deposit $13227.0 every other year beginning two years from today until he has made 6.0 deposits. How much will be in the account 30.00 years from today?
Answer format: Currency: Round to: 2 decimal places.
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 72.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 72.0 when he fully retires, he will begin to make annual withdrawals of $163,338.00 from his retirement account until he turns 93.00. He he will make contributions to his retirement account from his 26th birthday to his 65th birthday. To reach his goal, what must the contributions be? Assume a 5.00% interest rate.
Answer format: Currency: Round to: 2 decimal places.
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