CengageBook Corngle Digital Lear FASB Topi.) McGraw-H aan a × El pv of 11pg eX 1

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CengageBook Corngle Digital Lear FASB Topi.) McGraw-H aan a × El pv of 11pg eX 10+ Auditi McGraw-H Hii 34-30-3s i Restaurats | Banks @ Internal Revenue Sen-Yahoo m Employment-Unted i Help Sau Home-Aline Indep rombie & Fitch Hollister Co. Carpe N Home Present and future value tables of SI at 3% are presented below 1.88000.97887 ,0 :.94268 2.0300 1.91347 -0.970871 1,03eel 1.00000 11.03880 0.97087 1.97087 3.09892.828613.18362.91 4.1836 5.3891 4.5 6.46845.417 1.09273 104.3091 3.82861 5.46844.71710 551 18.8884 6 1.19405 .83748 6.6625 71.229870.813097. 8 1.26677 .78941 9 1.38477e.7664218.15917 786 1 1.34392 8.74489 11.4639 8.53820 11 1.38423 .72242 12.8078 9.2526213.19209.53020 12 1,42576 8.78138 14.19289.954814.6178 10.25262 8 . 8923 7 . 1969 9. 1591 72 3028 18.46398.01969 11.88788.78611 46853 18.68095 15.6178 18.63496 16.0863 10 . 95400 14 1.51259.66112 17.8863 11.2960717.5989 11.63496 18.5989 11.9379419.1569 12.29607 16 1.68471 .62317 20.1569 12.56110 28.7616 12.93794 Jr my has S255 906 accumulated in a 401K plan. The fund is earning a low but safe. 3% per year The withdrawals will take place at the end of each year starting a year from now. How soon will the fund be exhausted if Jimmy withdraws $30,000 each year?

Explanation / Answer

Jimmy has $ 255906 accumulated in a 401k plan

Fund is earning a 3% per year

Jimmy withdraws $ 30,000 each year,

THerefore, $ 255906 / $ 30,000 = 8.5302

From the given table,

For PVA of $1 factor of 8.5302 with i = 3% is, n = 10 years

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