Question $1$

You have decided to set up a payout annuity for your retirement. You want to be able to withdraw

$$40,000$ each year for $20$ years. Your account earns $9\%$ interest.

a$)$ How much do you need in your account when you retire?

S

b$)$ How much total money will you pull out of the account?

S

c$)$ How much of that money is interest?

s