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You decide to save for retirement with a company that offers 6.3% compounded annually. You have decided to make $5,000 yearly deposits into the account
You decide to save for retirement with a company that offers 6.3% compounded annually. You have decided to make $5,000 yearly deposits into the account for the next 30 years. Then for the 35 years following your final deposit, you plan on taking out an equal amount of money at the end of every year. (a) How much will you be able to withdraw each year for the 35 years after your last deposit? (b) How much total interest is earned during this entire 65-year process?
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