Question
Sammy has worked for a company with a retirement program, and today is retiring from her job with the amount of $268000 in her retirement
Sammy has worked for a company with a retirement program, and today is retiring from her job with the amount of $268000 in her retirement account. She decides to withdrawal an equal amount from this account, once a year, beginning immediately, and ending 37 years from today (for a total of 38 payments). If the interest rate is 6.25%, solve for the dollar amount of these equal withdrawals such that she uses up the full accumulation.
Place your answer to the nearest dollar amount. Do not use a dollar sign or comma as part of your answer. For example, an answer of fifty thousand and thirty two dollars would be placed as 50032. Work answers out to at least 4 decimal points of accuracy.
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