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Taya2010 [7]
3 years ago
10

You want to be able to withdraw $25,000 each year for 20 years. Your account earns 5% interest.

Mathematics
1 answer:
Alinara [238K]3 years ago
6 0

Answer:

a. $311,555.26

b. $500,000

c. $188,444.74

Step-by-step explanation:

The computation is shown below:

a. Here we have to determine the present value

Given that

PMT = $25,000

NPER = 20

RATE = 5%

FV = $0

The formula is shown below:

= -PV(RATE;NPER;PMT;FV;TYPE)

after applying the above formula, the amount that need in the beginning is $311,555.26

b. The total money should be

= $25,000 × 20 years

= $500,000

c. The amount of interest is

= $500,000 - $311,555.26

= $188,444.74

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