you have accumulated some money for your retirement. you are going to withdraw $93,158 every year at the beginning of th...
you have accumulated some money for your retirement. you are going to withdraw $93,158 every year at the beginning of the year for the next 21 years starting from today. how much money have you accumulated for your retirement? your account pays you 5.41 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 due=(1+rate)*Annuity[1-(1+interest rate)^-time period]/rate
=1.0541*93,158[1-(1.0541)^-21]/0.0541
=93,158*13.0401261
=$1214792.07(Approx).
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