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ikadub [295]
2 years ago
15

How much money does suzie need to have in her retirement savings account today if she wishes to withdraw $42,000 a year for 25 y

ears? she expects to earn an average rate of return of 9.75 percent?
Business
1 answer:
BaLLatris [955]2 years ago
4 0
<span>The money Suzie needed is $388,683.83.
To calculate this we use the following formula;
= 42,000 ×((1 - (1 / (1 + .0975)</span>²⁵))<span> / .0975 
=42000 x (1 - (1/10.2355980492) / 0.0975
=42000 x (1 - 0.0976982483) / 0.0975
=42000 x (0.9023017517) / 0.0975
=37896.6735714 / 0.0975
= $388,683.83150153 
= $388,683.83</span>
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