You want to be able to withdraw $50,000 each year for 20 years. Your account earns...
You want to be able to withdraw $50,000 each year for 20 years. Your account earns 10% interest. a) How much do you need in your account at the beginning? $ b) How much total money will you pull out of the account? $ c) How much of that money is interest?
Homework Answers
rate positively ..
| ans -1 | ||
| we have to use financial calculator to solve this | ||
| put in calculator | ||
| FV | 0 | |
| PMT | -50000 | |
| I | 10% | |
| N | 20 | |
| Compute PV | $425,678.19 | |
| Money at beginning = | $425,678.19 | |
| answer b | ||
| Money pull out = 50000*20 | $ 1,000,000 | |
| answer c | ||
| Interest = | $ 574,321.81 | |
| 1000000-425678.19 |
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