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You want to be able to withdraw $20,000 from your account each year for 30 years...

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Basic Math

You want to be able to withdraw $20,000 from your account eachyear for 30 years after you retire. If you expect to retire in 25years and your account earns 6.8% interest while saving forretirement and 4.4% interest while retired:
Round your answers to the nearest cent as needed.

a) How much will you need to have when you retire?
$

b) How much will you need to deposit each month until retirement toachieve your retirement goals?
$

c) How much did you deposit into you retirement account?
$

d) How much did you receive in payments during retirement?
$

e) How much of the money you received was interest?
$

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Answer & Explanation Solved by verified expert
3.9 Ratings (517 Votes)
a The formula for a fixed no of annuity pamentsP is P r PV11rn where PV is the present value r is the interest rate per period and n is the no of periods Here P 20000 r 44    See Answer
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