Victor Vogel is 27 years old and currently earns $65,000 per year. He recently picked a winning number in the Wisconsin lottery.
After income taxes he took home $1,000,000. Victor put the entire amount into an account earning 5% per year, compounded annually. He wants to quit his job, maintain his current lifestyle and withdraw enough at the beginning of each year to replace his salary. At this rate, how long will the winnings last?
Got the explanation from classmates
N=??? I/Y=5 PV=1000000 PMT=-65000 FV=0
It will last 27 years.
Got the explanation from classmates
N=??? I/Y=5 PV=1000000 PMT=-65000 FV=0
It will last 27 years.
1 answer:
You might be interested in
Answer:
No. of gonjas = 52
No. of more nzemas than fantes = 78
Step-by-step explanation:
Total no. of people = 520
No. of fantes = × 520
No. of fantes = 156
No. of ewes = × 520 = 130
No. of nzemas = × 520 = 78
No. of gas = × 520 = 104
No. of gonjas = 520 - (156 + 130 + 78 + 104) = 52
No. of fantes = 156
No. of nzemas = 78
No. of more nzemas than fantes = 156 - 78 = 78
Pie chart of the following problem is shown below.
