@take . Twet . Camron Sc. -) e https:/ Test aspx7testid-136186902¢erwin; yes
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@take . Twet . Camron Sc. -) e https:/ Test aspx7testid-136186902¢erwin; yes Apps YouTube-Broadcas Horn. ,, Twitter / Home -Blackboard Laar" D save video Me wen The Strange, a wse sr-ang- a Cameron Scott /6/1 Quiz: Chapters 3 and 4 mis Question: 1 pt This Test: 20 pts Time Remaining: 00:10:04 70, 20 carpete You are trying to decide how much money you will need at retirement. Y (and cover your basic living expenses) you think you will need income ou expect to retire at age 65. You hope to travel extensively while you are healthy enough. To finance your travels of $171,000 per year (at the end of each year). You will make your first withdrawal on your 66th birthday. You expect to stay healthy enough for travel for the first 14 years after retirement and thus make a wighdtrawal of $1 71,000 at the end of e will settle down into a retirement home. During your retirement home years you make the first retirement home withdrawal 15 years after retirement much will you need at retirement to fund these planned withdrawals? will only need $148,000 in income per year. You expect to live in the retirement home for 9 years. You will to beat year-end. Ifretirement savings wil camareturn of3.5% then how 1 15 years after retirement and all subsequent withdrawals will contimae to be at year end. If retirement savings will carn a retun of How much will you need at retirement to fund these planned withdrawals? S (Round to the nearest cent.)Explanation / Answer
YEAR FUTURE CASH INFLOW PRESENT VALUE@3.5% 1 171000 0.966184 165217.3913 2 171000 0.933511 159630.3298 3 171000 0.901943 154232.2027 4 171000 0.871442 149016.6209 5 171000 0.841973 143977.4115 6 171000 0.813501 139108.6102 7 171000 0.785991 134404.4543 8 171000 0.759412 129859.3761 9 171000 0.733731 125467.9962 10 171000 0.708919 121225.1171 11 171000 0.684946 117125.717 12 171000 0.661783 113164.944 13 171000 0.639404 109338.1102 14 171000 0.617782 105640.6861 15 148000 0.596891 88339.81156 16 148000 0.576706 85352.47493 17 148000 0.557204 82466.15936 18 148000 0.538361 79677.44865 19 148000 0.520156 76983.04218 20 148000 0.502566 74379.7509 21 148000 0.485571 71864.49362 22 148000 0.469151 69434.29335 23 148000 0.453286 67086.27377 PRESENT VALUE OF THE FUTURE CASH INFLOW 2562992.716 AMOUNT REQUIRED TO EARNED THE FOLLOWING CASH FLOWS AFTER THE RETIREMENT 2562992.716
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