Homework Answers
Ans:- we will use the FV function of excel to find the future value and PMT function of excel to find the Monthly withdrawal.
For FV Rate=6%/12, Nper=12*5 = 60, Pmt=-$440, PV=0
For PMT Rate=6%/12, Nper= 12*4=48, PV=-$30,698.81, FV=0
Therefore, the future value at the end of 5 years will be $30,698.81 and monthly withdrawal will be $720.96.
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