Question
Lucas has retired at age 78 with $830000 in his savings fund. He rolls the money into an annuity fund that earns 4% p.a. compounded
Lucas has retired at age 78 with $830000 in his savings fund. He rolls the money into an annuity fund that earns 4% p.a. compounded monthly.
a) If Lucas wants the money to last until he is 95, how much can he afford to withdraw each month?
b) Lucas currently lives on $6000 per month. Will Lucas be able to maintain his current standard of living? Explain your answer. ** I need to define the following values to enter in TI84 calculator ** N = I = PV = PMT = FV = P/Y = CIY = I have to use "TVM" application to solve this (APPS -> FINANCE -> TVM solver)
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Payroll Accounting
Authors: Bernard J. Bieg, Judith A. Toland
2013 edition
978-1133962533
