Prof. Business will have $1,600,000 saved up by retirement at age 65. The retired professor expects to live 20 more years after

Question

3 years ago

13

Prof. Business will have $1,600,000 saved up by retirement at age 65. The retired professor expects to live 20 more years after

retiring. How large of an annual annuity withdrawal can prof. Finance make at the beginning of each year under this scenario from an account paying 6. 5% compounded annually? round your answer to the nearest dollar.

Business

1 answer:

alexdok [17] · Answer 1 · 2022-06-25T17:10:38+03:00

Answer:

heyy i hope ur having a great day so far hope my answer helps :)

Explanation:

<h2><em>$136348.618</em></h2><h2><em></em></h2><h3><em>Present value (PV) =$1,600,000 </em></h3><h3><em> </em></h3><h3><em>Number of year(n) = 20 </em></h3><h3><em> </em></h3><h3><em>Rate(r) = 6.5% = 6.5 / 100 = 0.065 </em></h3><h3><em> </em></h3><h3><em>Payment monthly (PMT) = ? </em></h3><h3><em> </em></h3><h3><em>Calculation:</em></h3><h3><em> in the picture </em></h3><h2><em> </em></h2><h2><em> </em></h2><h2><em>So, Payment per month = $136348.618</em></h2>