Question

X - Chapter 61 Hox 3 NWP Assessmex A Player X Acc 231 Midten X W Sally Monroe X C Brief Exercisex + assessment education wiley.com/was/ui/v2/assessment-player/index.html?launchid - 3063d1e6-7a9a-4e5b-b6af-7831d340d9aa/question/14 D E Chapter 6.1 Homework Question 15 of 17 < -14 Ti View Policies Current Attempt in Progress Maria Alvarez is investing $385,400 in a fund that earns 11% interest compounded annually. Click here to view factor tables What equal amounts can Maria withdraw at the end of each of the next 17 years? (Round factor values to 5 decimal places, eg. 1.25124 and final answers to decimal places, c.8. 458,581.) Yearly withdrawals $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Type here to search O I g

Answer 1

Yearly withdrawals: B 17 11% 7.548794396 A 1 Number of years, NPER 2 Rate of interest, RATE 3 PVAF @ 11% for 17 years PVAF @ 11% for 17 years 4 (Rounded to 5 decimal places) 5 Amount invested, PV 6 7 Yearly withdrawals 7.54879 $385,400 $51,055 Calculations are shown below: B 17 0.11 =PVB2,B1,-1,0,0) A 1 Number of years, NPER 2 Rate of interest, RATE 3 PVAF @ 11% for 17 years PVAF @ 11% for 17 years 4 (Rounded to 5 decimal places) 5 Amount invested, PV 6 7 Yearly withdrawals =ROUND(B3,5) 385400 =B5/B4