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You want to be able to withdraw $40,000 from your account each year for 15 years...

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Question

Basic Math

You want to be able to withdraw $40,000 from your account eachyear for 15 years after you retire. If you expect to retire in 25years and your account earns 7.6% interest while saving forretirement and 6.9% 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

Answer & Explanation Solved by verified expert
3.7 Ratings (625 Votes)
a The formula for a terminating fixed annuity payment is P rPV1rn 1rn 1 where P is the fixed periodic payment r is the rate of interest per period n is the number of    See Answer
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