Homework help needed

Accounting
Tutor: None Selected Time limit: 1 Day

I plan to retire at age 65. I plan to withdraw $100,000 from my savings every year starting on my 65th birthday. I expect to make my final withdraw on my 84th birthday, How much must I have accumulated by my 65th birthday to support the desired withdraws if I earn 3% on my savings

Jun 22nd, 2015

Thank you for the opportunity to help you with your question!

=1500000-(0.03(1500000))

=1500000-45000

=$1455000

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 22nd, 2015

savings will be 100%, but after your 85th birthday, the amount of money collected will be $1,500,000=103%

=(1,500,000*100)/103

=1,456,310.68

Jun 22nd, 2015

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Jun 22nd, 2015
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Jun 22nd, 2015
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