HW$21$: Problem $2$

$(1$ point$)$

Bill makes annual deposits of $$1400$ to an IRA earning $12\%$ compounded annually for $16$ years. At the end of the $16$ years Bill retires.

a$)$ What was the value of Bill's IRA at the end of $16$ years?

Value of IRA $=$ $

b$)$ What is the largest amount Bill may withdraw annually for the next $19$ years at $12\%$ compounded annually?

Payment $=$$