Richard is 65 years old and about to retire. $ 730, 000 saves to supplement ghos

Question

Richard is 65 years old and about to retire. $ 730, 000 saves to supplement ghost pension and social security and would like to withdraw it in equal annual dollar amounts so that nothing is left after 17 years . How much does he have to withdraw each years if he earn 8 percent on his money? Richard is 65 years old and about to retire. $ 730, 000 saves to supplement ghost pension and social security and would like to withdraw it in equal annual dollar amounts so that nothing is left after 17 years . How much does he have to withdraw each years if he earn 8 percent on his money?

Explanation / Answer

Annual withdrawl = present value / PVAF@8%,17

                         = 730,000 / 9.12164

                         = $ 80,09.47 (approx 80,000)

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.