Question
You are 26 years old, and decide to save $15,000 each year (with the first deposit one year from now), in an account paying 10%
You are 26 years old, and decide to save $15,000 each year (with the first deposit one year from now), in an account paying 10% interest per year. You will make your last deposit 39 years from now when you retire at age 65. During retirement, you plan to withdraw funds from the account at the end of each year (so your first withdrawal is at age 66). What constant amount will you be able to withdraw each year if you want the funds to last until you are age 95?
The total savings at age 65 is $6021717
(Round to the nearest dollar.)
The amount you will be able to withdraw each year until you are
95 is _?
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