Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help me with this problem 2. Assume you are 22 years and seek to retire 43 years from now when you will be 65
please help me with this problem
2. Assume you are 22 years and seek to retire 43 years from now when you will be 65 years old. Your individual retirement account (IRA) goal is to accumulate $5,500,000 at the time you retire, that is, 43 years from now. If your individual retirement account could eam 11.5% APR compounded annually and you seek to make annual withdrawals in equal amounts for the next 30 years until you are 95 years old, how much could you withdraw from your individual retirement account per year? Write down your answer and Show the Excel formula or financial calcofiator inputs you used to estimate your annual withdrawals Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started