Question
You have saved for retirement in an account that earns 6% interest. The funds will last for exactly 25 years with the first withdrawl of
You have saved for retirement in an account that earns 6% interest. The funds will last for exactly 25 years with the first withdrawl of $57,000 occuring 1 year from today. To account for inflation, you plan to increase your withdrawls by 2% per year. How much have you saved in your account?
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SOLUTION To determine how much you have saved in your account we can use the formula for the present ...
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Corporate Finance
Authors: Jonathan Berk and Peter DeMarzo
3rd edition
978-0132992473, 132992477, 978-0133097894
