Terrance is age 71 and retired. Beginning in 2021, he must start taking minimum distributions from his IRA account that had a balance of $115,000 as of December 31, 2020. Make these three assumptions: his IRA will earn 9% per year, he will withdraw the minimum distribution on the last day of each calendar year, and only one distribution will be taken in 2021. Required: Calculate the amount of his distribution for years 2021 through 2025 and the ending balance in his IRA account on December 31, 2025. Use Table I, Table III, and Table V. Note: Round "Applicable Life Expectancy" answers to 1 decimal place and other answers to nearest whole dollar value. Use these answers in subsequent computations. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Table I } \\ \hline \multicolumn{4}{|c|}{ (Fingle Life Expectancy) } \\ \hline \multicolumn{4}{|c|}{ (For Use by Beneficiaries) } \\ \hline Age & Life Expectancy & Age & Life Expectancy \\ \hline 56 & 28.7 & 84 & 8.1 \\ \hline 57 & 27.9 & 85 & 7.6 \\ \hline 58 & 27.0 & 86 & 7.1 \\ \hline 59 & 26.1 & 87 & 6.7 \\ \hline 60 & 25.2 & 88 & 6.3 \\ \hline 61 & 24.4 & 89 & 5.9 \\ \hline 62 & 23.5 & 90 & 5.5 \\ \hline 63 & 22.7 & 91 & 5.2 \\ \hline 64 & 21.8 & 92 & 4.9 \\ \hline 65 & 21.0 & 93 & 4.6 \\ \hline 66 & 20.2 & 94 & 4.3 \\ \hline 67 & 19.4 & 95 & 4.1 \\ \hline 68 & 18.6 & 96 & 3.8 \\ \hline 69 & 17.8 & 97 & 3.6 \\ \hline 70 & 17.0 & 98 & 3.4 \\ \hline 71 & 16.3 & 99 & 3.1 \\ \hline 72 & 15.5 & 100 & 2.9 \\ \hline 73 & 14.8 & 101 & 2.7 \\ \hline 74 & 14.1 & 102 & 2.5 \\ \hline 75 & 13.4 & 103 & 2.3 \\ \hline 76 & 12.7 & 104 & 2.1 \\ \hline 77 & 12.1 & 105 & 1.9 \\ \hline 78 & 11.4 & 106 & 1.7 \\ \hline 79 & 10.8 & 107 & 1.5 \\ \hline 80 & 10.2 & 108 & 1.4 \\ \hline 81 & 9.7 & 109 & 1.1 \\ \hline 82 & 9.1 & 110 & 1.0 \\ \hline 83 & 8.6 & 111 and over & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ TABLE V-ORDINARY LIFE ANNUITIES } \\ \hline \multicolumn{5}{|c|}{ ONE LIFE-EXPECTED RETURN } & \multicolumn{1}{l|}{ MULTIPLES } \\ \hline AGE & MULTIPLE & AGE & MULTIPLE & AGE & MULTIPLE \\ \hline 5 & 76.6 & 42 & 40.6 & 79 & 10.0 \\ \hline 6 & 75.6 & 43 & 39.6 & 80 & 9.5 \\ \hline 7 & 74.7 & 44 & 38.7 & 81 & 8.9 \\ \hline 8 & 73.7 & 45 & 37.7 & 82 & 8.4 \\ \hline 9 & 72.7 & 46 & 36.8 & 83 & 7.9 \\ \hline 10 & 71.7 & 47 & 35.9 & 84 & 7.4 \\ \hline 11 & 70.7 & 48 & 34.9 & 85 & 6.9 \\ \hline 12 & 69.7 & 49 & 34.0 & 86 & 6.5 \\ \hline 13 & 68.8 & 50 & 33.1 & 87 & 6.1 \\ \hline 14 & 67.8 & 51 & 32.2 & 88 & 5.7 \\ \hline 15 & 66.8 & 52 & 31.3 & 89 & 5.3 \\ \hline 16 & 65.8 & 53 & 30.4 & 90 & 5.0 \\ \hline 17 & 64.8 & 54 & 29.5 & 91 & 4.7 \\ \hline 18 & 63.9 & 55 & 28.6 & 92 & 4.4 \\ \hline 19 & 62.9 & 56 & 27.7 & 93 & 4.1 \\ \hline 20 & 61.9 & 57 & 26.8 & 94 & 3.9 \\ \hline 21 & 60.9 & 58 & 25.9 & 95 & 3.7 \\ \hline 22 & 59.9 & 59 & 25.0 & 96 & 3.4 \\ \hline 23 & 59.0 & 60 & 24.2 & 97 & 3.2 \\ \hline 24 & 58.0 & 61 & 23.3 & 98 & 3.0 \\ \hline 25 & 57.0 & 62 & 22.5 & 99 & 2.8 \\ \hline 26 & 56.0 & 63 & 21.6 & 100 & 2.7 \\ \hline 27 & 55.1 & 64 & 20.8 & 101 & 2.5 \\ \hline 28 & 54.1 & 65 & 20.0 & 102 & 2.3 \\ \hline 29 & 53.1 & 66 & 19.2 & 103 & 2.1 \\ \hline 30 & 52.2 & 67 & 18.4 & 104 & 1.9 \\ \hline 31 & 51.2 & 68 & 17.6 & 105 & 1.8 \\ \hline 32 & 50.2 & 69 & 16.8 & 106 & 1.6 \\ \hline 33 & 49.3 & 70 & 16.0 & 107 & 1.4 \\ \hline 34 & 48.3 & 71 & 15.3 & 108 & 1.3 \\ \hline 35 & 47.3 & 72 & 14.6 & 109 & 1.1 \\ \hline 36 & 46.4 & 73 & 13.9 & 110 & 1.0 \\ \hline 37 & 45.4 & 74 & 13.2 & 111 & .9 \\ \hline 38 & 44.4 & 75 & 12.5 & 112 & .8 \\ \hline 39 & 43.5 & 76 & 11.9 & 113 & .7 \\ \hline 40 & 42.5 & 77 & 11.2 & 114 & .6 \\ \hline 41 & 41.5 & 78 & 10.6 & 115 & .5 \\ \hline \end{tabular} Terrance is age 71 and retired. Beginning in 2021, he must start taking minimum distributions from his IRA account that had a balance of $115,000 as of December 31, 2020. Make these three assumptions: his IRA will earn 9% per year, he will withdraw the minimum distribution on the last day of each calendar year, and only one distribution will be taken in 2021. Required: Calculate the amount of his distribution for years 2021 through 2025 and the ending balance in his IRA account on December 31, 2025. Use Table I, Table III, and Table V. Note: Round "Applicable Life Expectancy" answers to 1 decimal place and other answers to nearest whole dollar value. Use these answers in subsequent computations. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Table I } \\ \hline \multicolumn{4}{|c|}{ (Fingle Life Expectancy) } \\ \hline \multicolumn{4}{|c|}{ (For Use by Beneficiaries) } \\ \hline Age & Life Expectancy & Age & Life Expectancy \\ \hline 56 & 28.7 & 84 & 8.1 \\ \hline 57 & 27.9 & 85 & 7.6 \\ \hline 58 & 27.0 & 86 & 7.1 \\ \hline 59 & 26.1 & 87 & 6.7 \\ \hline 60 & 25.2 & 88 & 6.3 \\ \hline 61 & 24.4 & 89 & 5.9 \\ \hline 62 & 23.5 & 90 & 5.5 \\ \hline 63 & 22.7 & 91 & 5.2 \\ \hline 64 & 21.8 & 92 & 4.9 \\ \hline 65 & 21.0 & 93 & 4.6 \\ \hline 66 & 20.2 & 94 & 4.3 \\ \hline 67 & 19.4 & 95 & 4.1 \\ \hline 68 & 18.6 & 96 & 3.8 \\ \hline 69 & 17.8 & 97 & 3.6 \\ \hline 70 & 17.0 & 98 & 3.4 \\ \hline 71 & 16.3 & 99 & 3.1 \\ \hline 72 & 15.5 & 100 & 2.9 \\ \hline 73 & 14.8 & 101 & 2.7 \\ \hline 74 & 14.1 & 102 & 2.5 \\ \hline 75 & 13.4 & 103 & 2.3 \\ \hline 76 & 12.7 & 104 & 2.1 \\ \hline 77 & 12.1 & 105 & 1.9 \\ \hline 78 & 11.4 & 106 & 1.7 \\ \hline 79 & 10.8 & 107 & 1.5 \\ \hline 80 & 10.2 & 108 & 1.4 \\ \hline 81 & 9.7 & 109 & 1.1 \\ \hline 82 & 9.1 & 110 & 1.0 \\ \hline 83 & 8.6 & 111 and over & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ TABLE V-ORDINARY LIFE ANNUITIES } \\ \hline \multicolumn{5}{|c|}{ ONE LIFE-EXPECTED RETURN } & \multicolumn{1}{l|}{ MULTIPLES } \\ \hline AGE & MULTIPLE & AGE & MULTIPLE & AGE & MULTIPLE \\ \hline 5 & 76.6 & 42 & 40.6 & 79 & 10.0 \\ \hline 6 & 75.6 & 43 & 39.6 & 80 & 9.5 \\ \hline 7 & 74.7 & 44 & 38.7 & 81 & 8.9 \\ \hline 8 & 73.7 & 45 & 37.7 & 82 & 8.4 \\ \hline 9 & 72.7 & 46 & 36.8 & 83 & 7.9 \\ \hline 10 & 71.7 & 47 & 35.9 & 84 & 7.4 \\ \hline 11 & 70.7 & 48 & 34.9 & 85 & 6.9 \\ \hline 12 & 69.7 & 49 & 34.0 & 86 & 6.5 \\ \hline 13 & 68.8 & 50 & 33.1 & 87 & 6.1 \\ \hline 14 & 67.8 & 51 & 32.2 & 88 & 5.7 \\ \hline 15 & 66.8 & 52 & 31.3 & 89 & 5.3 \\ \hline 16 & 65.8 & 53 & 30.4 & 90 & 5.0 \\ \hline 17 & 64.8 & 54 & 29.5 & 91 & 4.7 \\ \hline 18 & 63.9 & 55 & 28.6 & 92 & 4.4 \\ \hline 19 & 62.9 & 56 & 27.7 & 93 & 4.1 \\ \hline 20 & 61.9 & 57 & 26.8 & 94 & 3.9 \\ \hline 21 & 60.9 & 58 & 25.9 & 95 & 3.7 \\ \hline 22 & 59.9 & 59 & 25.0 & 96 & 3.4 \\ \hline 23 & 59.0 & 60 & 24.2 & 97 & 3.2 \\ \hline 24 & 58.0 & 61 & 23.3 & 98 & 3.0 \\ \hline 25 & 57.0 & 62 & 22.5 & 99 & 2.8 \\ \hline 26 & 56.0 & 63 & 21.6 & 100 & 2.7 \\ \hline 27 & 55.1 & 64 & 20.8 & 101 & 2.5 \\ \hline 28 & 54.1 & 65 & 20.0 & 102 & 2.3 \\ \hline 29 & 53.1 & 66 & 19.2 & 103 & 2.1 \\ \hline 30 & 52.2 & 67 & 18.4 & 104 & 1.9 \\ \hline 31 & 51.2 & 68 & 17.6 & 105 & 1.8 \\ \hline 32 & 50.2 & 69 & 16.8 & 106 & 1.6 \\ \hline 33 & 49.3 & 70 & 16.0 & 107 & 1.4 \\ \hline 34 & 48.3 & 71 & 15.3 & 108 & 1.3 \\ \hline 35 & 47.3 & 72 & 14.6 & 109 & 1.1 \\ \hline 36 & 46.4 & 73 & 13.9 & 110 & 1.0 \\ \hline 37 & 45.4 & 74 & 13.2 & 111 & .9 \\ \hline 38 & 44.4 & 75 & 12.5 & 112 & .8 \\ \hline 39 & 43.5 & 76 & 11.9 & 113 & .7 \\ \hline 40 & 42.5 & 77 & 11.2 & 114 & .6 \\ \hline 41 & 41.5 & 78 & 10.6 & 115 & .5 \\ \hline \end{tabular}