Ask Question
1 September, 12:43

Im Hunter has decided to retire to Florida in 10 years. What amount should Jim invest today so that he'll be able to withdraw $25,000 at the end of each year for 30 years after he retires? Assume he can invest money at 9% interest compounded annually. A. $10,480.27 B. $105,470.27 C. $18,790.27 D. $108,490.27

+3
Answers (1)
  1. 1 September, 16:20
    0
    If he wants to withdraw $25,000 each year for 30 years after his retirement 10 years from now, he should invest either letter B. $105,470.27 or D $108,490.27. While he was withdrawing $25,000.00 his investment still remains untouched for the 30 years and it is still increasing. He may increase his yearly withdrawal.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Im Hunter has decided to retire to Florida in 10 years. What amount should Jim invest today so that he'll be able to withdraw $25,000 at ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers