Question
Sally has accumulated a sizeable balance in her investment fund. She wants to make annual withdrawals for 11 years starting with $5700 and decreasing (negative
Sally has accumulated a sizeable balance in her investment fund. She wants to make annual withdrawals for 11 years starting with $5700 and decreasing (negative growth) by 2.4% thereafter.
(a) What will be the size of the 11th withdrawal? (Hint: Let k = 2.4%.)
(b) What will be the total amount withdrawn?
a) The size of the 11th withdrawal will be $____
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
b) The total amount withdrawn will be $_____
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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