Under the NBA deferred retirement plan payments made at the end of each year accumulate up to retirement and then retirees are given two options. Option 1 allows the retiree to select the amount of the annual payment t be received and option 2 allows the retiree to specify over how many years payments are to be received. Assume Dennis Rodman has had $6400 deposited at the end of eacvh year for the past 30 years, and that the long-term interest rate has been and will continue to be 8%;

How much has accumulated in Rodman's deferred compensation account? Balance in Fund:

How much will Rodman be able to withdraw at the beginning of each year if he elcts to receive payments for 16 years? Withdrawal Amounts:

How many years will Rodman be able to receive payments if he choosed to receive $69,000 per year at the beginning of each year? Receive Payment: years