You contribute $2,000 annually to a retirement account for seven years and stop making payments at the age of 45. Your twin brother (or sister . . . whichever applies) opens an account at age 45 and contributes $2,000 a year until retirement at age 65 (20 years). You both earn 9 percent on your investments. How much can each of you withdraw for 25 years (that is, ages 66 through 90) from the retirement accounts?
You can withdraw $
Your twin can withdraw $
Accumulated value formula:
the accumulated value of all 7 deposits at age of 45 is calculated below:
The value at age of 65 will be:
The accumulated value that twin brother have at age of 65 is calculated below:
The formula to calculate withdraw amount is given below:
the withdraw amount that individual can have is calculated below:
The withdraw amount that twin brother can have is calculated below:
The individual can withdraw 10,498.87 each year for 20 years.
The twin brother can withdraw 10,416.84 each year for 20 years.
You contribute $2,000 annually to a retirement account for seven years and stop making payments at...
You contribute $1,000 annually to a retirement account for eight years and stop making payments at the age of 25. Your twin brother (or sister . . . whichever applies) opens an account at age 25 and contributes $1,000 a year until retirement at age 65 (40 years). You both earn 10 percent on your investments. How much can each of you withdraw for 20 years (that is, ages 66 through 85) from the retirement accoun
Problem 7-28 You contribute $2,000 annually to a retirement account for nine years and stop making payments at the age of 40. Your twin brother (or sister . . . whichever applies) opens an account at age 40 and contributes $2,000 a year until retirement at age 65 (25 years). You both earn 12 percent on your investments. How much can each of you withdraw for 25 years (that is, ages 66 through 90) from the retirement accounts? Use Appendix...
You contribute $1,000 annually to a retirement account for eight years and stop making payments at the age of 25. Your twin brother (or sister . . . whichever applies) opens an account at age 25 and contributes $1,000 a year until retirement at age 65 (40 years). You both earn 10 percent on your investments. How much can each of you withdraw for 20 years (that is, ages 66 through 85) from the retirement accounts? PLEASE PROVIDE INPUTS AND...
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