Amina needs$________ in her account when she retires. How much total money will Amina pull out of her account? In total, Amina will pull out $________ from her account. How much of that money is interest? The amount of money that is interest is$________ .
Amina needs$________ in her account when she retires. How much total money will Amina pull out of her account? In total, Amina will pull out $________ from her account. How much of that money is interest? The amount of money that is interest is$________ .
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 14MCQ
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Question
After retiring, Amina wants to be able to withdraw $30,500.00 every year from her account for 25 years. Her account earns 9% interest compounded annually.
How much does Amina need in her account when she retires?
How much does Amina need in her account when she retires?
- Amina needs$________ in her account when she retires.
- In total, Amina will pull out $________ from her account.
- The amount of money that is interest is$________ .
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