You have accumulated some money for your retirement. You are going to withdraw $65,548 every year at the end of the year...
You have accumulated some money for your retirement. You are going to withdraw $65,548 every year at the end of the year for the next 20 years. How much money have you accumulated for your retirement? Your account pays you 18.61 percent per year, compounded annually. To answer this question, you have to find the present value of these cash flows. Round the answer to two decimal places.
Homework Answers
Present value of annuity=Annuity[1-(1+interest rate)^-time period]/rate
=65,548[1-(1.1861)^-20]/0.1861
=65,548*5.19651453
=$340621.13(Approx).
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