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You are trying to calculate how much money you should have at retirement. On your 56th birthday you will retire and immediately make your first

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You are trying to calculate how much money you should have at retirement. On your 56th birthday you will retire and immediately make your first withdrawal of S4,166.67. You plan to make 24 such withdrawals each year. You plan to continue withdrawing at that level and frequency until you are 81 years old. (Assume beginning of period withdrawals with the first withdrawal on your retirement date and no withdrawal on your final birthday.) During retirement your savings will eam only 4.3% per annum. How much do you have to have saved at retirement to fund these planned withdrawals? How much do you have to have saved at retirement to fund these planned withdrawals? (Round to the nearest cent)

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