You have accumulated some money for your retirement. You are going to withdraw $71,164 every year at the end of the year for the next 17 years. How much money have you accumulated for your retirement? Your account pays you 11.41 percent per year, compounded annually. To answer this question, you have to find the present value of these cash flows. Round the answer to two decimal places.
Present value of annuity=Annuity[1-(1+interest rate)^-time period]/rate
=$71164[1-(1.1141)^-17]/0.1141
=$71164*7.36786262
=$524,326.58(Approx).
You have accumulated some money for your retirement. You are going to withdraw $71,164 every year...
You have accumulated some money for your retirement. You are going to withdraw $65,720 every year at the end of the year for the next 16 years. How much money have you accumulated for your retirement? Your account pays you 4.84 percent per year, compounded annually. To answer this question, you have to find the present value of these cash flows. Round the answer to two decimal places.
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