Mathematics

Norman

14 November, 21:06

You want to be able to withdraw $30,000 each year for 25 years. Your account earns 8% interest.

a. How much do you need in your account at the beginning? $750,000

b. How much total money will you pull out of the account?

c. How much of that money is interest?

How much money will I need to have at retirement so I can withdraw $60,000 a year for 20 years from an account earning 8% compounded annually? $636,215.95

a. How much do you need in your account at the beginning? $1,200,000

b. How much total money will you pull out of the account?

c. How much of that money is interest? $563,784.05