Homework Answers
The amount of money that the lawyer needs when she retires is calculated as a present value of the annuity of $297,000 for 22 years at 2% which is calculated as =PV(rate,nper,pmt,fv,type) in excel where rate = 2% = 0.02, nper = 22 years and PMT =297000.
Since its begging year withdrawals, we make type =1
The amount of money that the lawyer needs when she retires =PV(rate,nper,pmt,fv,type) =PV(0.02,22,297000,01) = $5,349.329.12
The amount of money that the lawyer needs when she retires =$5,349.329.12
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