Question
Terrance is age 71 and retired. Beginning in 2018, he must start taking minimum distributions from his IRA account that had a balance of $140,000
Terrance is age 71 and retired. Beginning in 2018, he must start taking minimum distributions from his IRA account that had a balance of $140,000 as of December 31,2017. Make these three assumptions: His IRA will earn 9% per year, he will withdraw the minimum distribution in the last day of each calendar year, and only one distribution will be take. In 2018. Calculate the amount of his distribution for years 2018 through 2022 and the ending balance in his IRA account on December 31, 2022.
Link to Table I: https://ezto-cf-media.mheducation.com/Media/Connect_Production/bne/cruz12e/Table_I.jpg
Link to Table III: https://ezto-cf-media.mheducation.com/Media/Connect_Production/bne/cruz12e/Table_III.jpg
Link to Table V: https://ezto-cf-media.mheducation.com/Media/Connect_Production/bne/cruz12e/Table_V.jpg
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