Mr. Nieto has $3,431,712 and wants to retire. He expects to live for another 15 years...
Mr. Nieto has $3,431,712 and wants to retire. He expects to live for another 15 years and to earn 5.0% on his invested funds. How much could he withdraw at the end of each of the next 15 years and end up with $500,000 in the account?
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Homework Answers
| PVOrdinary Annuity = C*[(1-(1+i/100)^(-n))/(i/100)] |
| C = Cash flow per period |
| i = interest rate |
| n = number of payments |
| 3431712= Cash Flow*((1-(1+ 5/100)^-15)/(5/100)) |
| Cash Flow = 330618.98 |
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