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Mark smart just retired and has $2,710,000 in his retirement account. The account earns an average interest rate of 4%. Mike plans to take uniform
Mark smart just retired and has $2,710,000 in his retirement account. The account earns an average interest rate of 4%. Mike plans to take uniform withdrawals until the money runs out 25 years from today.
1. calculate the uniform annual withdrawals
a) $177,776 b) $65,040 c) $61,246 d) $173,440
2. What will be the balance on the account immediately after making the 18th annual withdrawal?
a) $411,920 b) $1,041,004 c) $2,195,629 d) $1,083,295
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