eBook Chapter 2 Financial Planning Exercise 7 Funding a retirement goal Austin Miller wishes to have $400,000 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 If upon retirement in 25 years, Austin plans to invest $400,000 in a fund that earns 8 , 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 $ How much would Austin need to have on deposit at retirement in order to withdraw $45,000 annually over the 20 years if the retirement fund earns 8 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 $ To achieve his annual withdrawal goal of $45,000 calculated in part b , how much more than the amount calculated in part a must Austin deposit today in an investment earning 8 annual interest Round PVA factor to three decimal places Round your answer to the nearest cent If an amount is zero, enter 0 $

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eBook Chapter 2 Financial Planning Exercise 7 Funding a retirement goal Austin Miller wishes to have $400,000 in a retirement fund 25 years from now.

eBook

Chapter 2 Financial Planning Exercise 7 Funding a retirement goal

Austin Miller wishes to have $400,000 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.

If upon retirement in 25 years, Austin plans to invest $400,000 in a fund that earns 8%, 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.
$
How much would Austin need to have on deposit at retirement in order to withdraw $45,000 annually over the 20 years if the retirement fund earns 8%? 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.
$
To achieve his annual withdrawal goal of $45,000 calculated in part b, how much more than the amount calculated in part a must Austin deposit today in an investment earning 8% annual interest? Round PVA-factor to three decimal places. Round your answer to the nearest cent. If an amount is zero, enter "0".
$