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Problem 3 You are working for a finance firm and a client comes to you and wants to know how much money they should put
Problem 3 You are working for a finance firm and a client comes to you and wants to know how much money they should put in an annuity (which earns 4.56% interest compounded monthly) at the end of each month for the next 43 years. Their goal is that when they retire at the end of 43 years, they want the monthly withdrawals from the annuity to total $72,000 per year, and for the annuity is to last for the next 31 years. A. Determine the amount which your client needs to deposit into the annuity at the end of every month for the next 43 years so that they can meet their retirement goal. Show all your work that you used to answer this problem. Show your input variables when using the TVM solver and circle the variable you solved for. (10 points) B. Find the total amount of interest the client will earn (from the time they start contributing to the account to when they make the last withdrawal). Show how you arrived at the answer. (2 points)
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