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MF has decided to start saving for his retirement. He will start at the end of this year saving $2000 a year for 10 years
MF has decided to start saving for his retirement. He will start at the end of this year saving $2000 a year for 10 years and $5,000 a year for the next 15 years after that. When he has finished with this period, he will still have 10 years left until he retires. The interest rate before retirement is 9.5% interest per year. After he retires the expected interest rate is 8%. If he wants to withdraw from his account for 25 years, how much will he be able to withdraw each year so nothing is left at the end of the 25 years?
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