Terrance is age 71 and retired. Beginning in 2016, he must start taking minimum distributions from his

Question:

Terrance is age 71 and retired. Beginning in 2016, he must start taking minimum distributions from his IRA account that had a balance of $150,000 as of December 31, 2015. Make these three assumptions: his IRA will earn 8% per year; he will withdraw the minimum on the last day of each calendar year, and only one will be taken in 2016. Calculate the amount of his for years 2016 through 2020 and the ending balance in his IRA account on December 31, 2020.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...