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Please answer a,b,c of this one problem. Please show work. Im lost. Austin Miller wishes to have $1,000,000 in a retirement fund 25 years from
Please answer a,b,c of this one problem. Please show work. Im lost.
Austin Miller wishes to have $1,000,000 in a retirement fund 25 years from now. He can create the retirement fund by making a single lump-sum deposit today. Use table to solve the following problems. a. If upon retirement in 25 years, Austin plans to invest $1,000,000 in a fund that earns 7%, 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. $ a. How much would Austin need to have on deposit at retirement in order to withdraw $40,000 annually over the 20 years if the retirement fund earns 7% ? 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.: b. To achieve his annual withdrawal goal of $40,000 calculated in part b, how much more than the amount calculated in part a must Austin deposit today in an investment earning 7% annual interest? Round PVA-factor to three decimal places. Round your answer to the nearest cent. If an amount is zero, enter " 0 Step by Step Solution
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