Mathematics, 18.12.2019 18:31, jade11710

You want to be able to withdraw $30,000 each year for 25 years. your account earns 8% interest.

a. how much do you need in your account at the beginning? $750,000

b. how much total money will you pull out of the account?

c. how much of that money is interest?

how much money will i need to have at retirement so i can withdraw $60,000 a year for 20 years from an account earning 8% compounded annually? $636,215.95

a. how much do you need in your account at the beginning? $1,200,000

b. how much total money will you pull out of the account?

c. how much of that money is interest? $563,784.05

Answers: 1

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You want to be able to withdraw $30,000 each year for 25 years. your account earns 8% interest.