Today is Jimmy\'s 26th birthday. Today, as a birthday present, his Uncle Joe est
ID: 2624328 • Letter: T
Question
Today is Jimmy's 26th birthday. Today, as a birthday present, his Uncle Joe established a retirement account for Jimmy with a INITIAL VALUE of $10,000. Joe will DEPOSIT $5,000 into the account on each of Jimmy's birthdays,beginning on his 27th and continuing until Jimmy turns 40. Jimmy plans to make DEPOSITS into the account beginning on his 41st birthday and ending on his 65th birthday. Jimmy wants to WITHDRAW $100,000 per year from the account beginning on his 72nd birthday and ending on his 95th birthday. he wants to have $500,000 in the account after his final withdrawl. the account earns 6%.
a. 5,715.36
b. 5,516.99
c. 6,080.56
d.7,724.50
e.8,241.60
Explanation / Answer
b. 5,516.99
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.