You just landed a new job at the age of 30 with a company that provides you a 401-k plan, and you decide to deposit $400 every month for the next 15 years. The company matches your 401-k at 100% (matching funds are deposited annually) and pays interest at 6.6% compounded monthly. At the end of 15 years you change jobs and you decide to roll-over your entire 401-k to the new company.

At the new company, you contribute 7% of your salary to the 401-k; deposits are made annually. Your starting salary is $75,000 and you expect to earn 2% pay raise every year. The new company matches your 401-k at 75% (matching funds are deposited annually).

You had a hardship withdrawal of $50,000 at age 52. The money was returned to account at age 58.

Newer company 401-k account pays interest at 8% compounded quarterly. (Caution not a typo)

You retire from at age 63.

On your 63^rd birthday, you do a trustee to trustee rollover of your money from the company to a financial company. That account pays interest at 7.2% compounded monthly. You leave the account at financial company for the rest of your life.

You withdraw $60,000 from your account on your 67^th birthday.

Also, you withdrew $50,000 a one-time withdrawal on your 75^th birthday

1. Determine the total account balance (including company match) in your retirement account on your 63^rd birthday.
2. Beginning age 70, you start withdrawing $11,000 every month.
3. Beginning age 80, you will start withdrawing an amount every month, so that the balance at age 90 is zero. What is that monthly withdrawal amount?

The pictures are what I have completed so far the problem I am having is in the second picture. I have done work with this problem. I need assistance

agement FNC548 Assignment Due Thursday 06.25.20 - Saved Search ces Mailings Review View Help Aa- Po E ALT SEE AaBbCcDc AaBbCel AaBbCcDc Aa 1 Normal Subtitle 11 No Spac... Hea 2-A- Paragraph Styles ) Ford Motor Company - Find the Account Balance at age 45: age 30-45 (1st 15 years) You: PMT= $400.00, N= 12(15)= 180 months, I= 6.6/12=55% month = FV $122,468.67 Company: l=6.6 CM EAR=6.8034% FV when PMT = 400(12) = 6000/year, N = 15 years, I = 6.8034% per year FV $148,510.52 Total Balance at end of year 15, at 45 years old = $270,979.19 2) Volkswagen: Find the account balance at age 63. EAR at Volkswagen: If the interest rate is 8% CQ, the EAR = 8.2432 % Rollover money: Find FV when PV = 270,979, N = 216 months, and I = 8/4 = 02% per month FV = $282, 940.61 Your & Company Contribution: First year: your contribution is 7% of $75k or $5,250, deposits made annually Co. Match in 1st year: At 75%, the match = 0.75(5250) = $3937.50; deposits made annually Total Deposit at end of first year = $9187.50 anagement FNC548 Assignment Due Thursday 06.25.20 - Saved e Search ences Mailings Review View Help AaBbCcDc AaBbCc) AaBbCcDc AaB Aa- PoEEEEE 2 T DAE 1 Normal Subtitle 11 No Spac... Headin Paragraph Styles FVA) = A.n(1+i)" Use formula 8 to get FV at 30 (i.e., FV at age 63) when A= $9.187.50; 1 = 8.2432%, 9 = 2%, N=17 FV = $71,440.32 71440.32*(1+8.243%) 18 -(1+2%)^18/2%-8.243% = 29,7262.550098 9187.50*(1 +8.243%) 18 (1+2%)*18/2%-8.243% = 38229 1317612 Withdrawal Withdrawal (age 67). Find FV when PV = 60,000, N = 4, and I = 72%. FV = 187,867 Withdrawal (age 75): Find FV when PV = 50,000, N = 8, and I = 7.2%. FV = 38,625 Net Impact on Account value at age 67 = -187,867 + $38,625 +69,484 = - 79,758. Balance at age 65: Sum of the green highlighted numbers. $1,586 340. This is rolled over to Fidelity Balance in the account on your 80 e agement FNC548 Assignment Due Thursday 06.25.20 - Saved Search ces Mailings Review View Help Aa- Po E ALT SEE AaBbCcDc AaBbCel AaBbCcDc Aa 1 Normal Subtitle 11 No Spac... Hea 2-A- Paragraph Styles ) Ford Motor Company - Find the Account Balance at age 45: age 30-45 (1st 15 years) You: PMT= $400.00, N= 12(15)= 180 months, I= 6.6/12=55% month = FV $122,468.67 Company: l=6.6 CM EAR=6.8034% FV when PMT = 400(12) = 6000/year, N = 15 years, I = 6.8034% per year FV $148,510.52 Total Balance at end of year 15, at 45 years old = $270,979.19 2) Volkswagen: Find the account balance at age 63. EAR at Volkswagen: If the interest rate is 8% CQ, the EAR = 8.2432 % Rollover money: Find FV when PV = 270,979, N = 216 months, and I = 8/4 = 02% per month FV = $282, 940.61 Your & Company Contribution: First year: your contribution is 7% of $75k or $5,250, deposits made annually Co. Match in 1st year: At 75%, the match = 0.75(5250) = $3937.50; deposits made annually Total Deposit at end of first year = $9187.50 anagement FNC548 Assignment Due Thursday 06.25.20 - Saved e Search ences Mailings Review View Help AaBbCcDc AaBbCc) AaBbCcDc AaB Aa- PoEEEEE 2 T DAE 1 Normal Subtitle 11 No Spac... Headin Paragraph Styles FVA) = A.n(1+i)" Use formula 8 to get FV at 30 (i.e., FV at age 63) when A= $9.187.50; 1 = 8.2432%, 9 = 2%, N=17 FV = $71,440.32 71440.32*(1+8.243%) 18 -(1+2%)^18/2%-8.243% = 29,7262.550098 9187.50*(1 +8.243%) 18 (1+2%)*18/2%-8.243% = 38229 1317612 Withdrawal Withdrawal (age 67). Find FV when PV = 60,000, N = 4, and I = 72%. FV = 187,867 Withdrawal (age 75): Find FV when PV = 50,000, N = 8, and I = 7.2%. FV = 38,625 Net Impact on Account value at age 67 = -187,867 + $38,625 +69,484 = - 79,758. Balance at age 65: Sum of the green highlighted numbers. $1,586 340. This is rolled over to Fidelity Balance in the account on your 80 e