age 95. Under these assumptions, how much can she spend in each year after she retires? Her first withdrawal will be made at the end of her first retirement year, and she plans on leaving no money to her heirs.
age 95. Under these assumptions, how much can she spend in each year after she retires? Her first withdrawal will be made at the end of her first retirement year, and she plans on leaving no money to her heirs.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 10P
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Question
20
Expert Solution
Step 1
Future Value of your investment
Annual deposit = $3000
No of years = 35
Rate = 9.30%
Here PV is the Present value
r is Rate and n is time i.e. no of years
Hence
FV = $692751.90
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