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You are 29 yearsold, and decide to save $12,500 each year(with the first deposit one year fromnow), in an account paying 9% interest per year.
You are 29 yearsold, and decide to save $12,500 each year(with the first deposit one year fromnow), in an account paying 9% interest per year. You will make your last deposit 36 years from now when you retire at age 65. Duringretirement, you plan to withdraw funds from the account at the end of each year(so your first withdrawal is at age66). 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? (Round to the nearestdollar.)
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