A couple is saving for retirement with three different accounts. The table below shows the current balances in their accounts, along with their yearly contribution, and the yearly return on each account. The couple will retire in 24.00 years and pool the money into a savings account that pays 4.00% APR. They plan on living for 30.00 more years and making their yearly withdrawals at the beginning of the year. What will be their yearly withdrawal? Balance Yearly Contribution $1,000.00 Account Fidelity Mutual Fund Vanguard Mutual Fund Employer 401k $21,452.00 $183,845.00 $307,061.00 Submit Answer format: Currency: Round to: 2 decimal places. $10,000.00 $15,000.00 APR 7.00% 7.00% 6.00%
A couple is saving for retirement with three different accounts. The table below shows the current balances in their accounts, along with their yearly contribution, and the yearly return on each account. The couple will retire in 24.00 years and pool the money into a savings account that pays 4.00% APR. They plan on living for 30.00 more years and making their yearly withdrawals at the beginning of the year. What will be their yearly withdrawal? Balance Yearly Contribution $1,000.00 Account Fidelity Mutual Fund Vanguard Mutual Fund Employer 401k $21,452.00 $183,845.00 $307,061.00 Submit Answer format: Currency: Round to: 2 decimal places. $10,000.00 $15,000.00 APR 7.00% 7.00% 6.00%
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 44P
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Transcribed Image Text:A couple is saving for retirement with three different accounts. The table below shows the current balances in their
accounts, along with their yearly contribution, and the yearly return on each account. The couple will retire in 24.00 years
and pool the money into a savings account that pays 4.00% APR. They plan on living for 30.00 more years and making
their yearly withdrawals at the beginning of the year. What will be their yearly withdrawal?
Yearly Contribution
$1,000.00
Account
Fidelity Mutual Fund
Vanguard Mutual Fund
Employer 401k
Balance
$21,452.00
$183,845.00
$307,061.00
Submit
Answer format: Currency: Round to: 2 decimal places.
$10,000.00
$15,000.00
APR
7.00%
7.00%
6.00%
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