##### Homework help needed

 Accounting Tutor: None Selected Time limit: 1 Day

You plan to retire at age 65. You want to withdraw \$100,000 from your savings account every year starting on your 65th Birthday. You expect to make your final withdrawl on your 84th birthday. How much must you have accumulated by your 65th birthday in order to support your desired withdrawls if you earn 3% interest on your savings?

Jun 23rd, 2015

from age 65 to 84, it will be a duration of 20 years. total withdrawal= \$100000*20=\$2,000,000

Let the amount to accumulate be X, then X+0.03X=\$2,000,000

1.03X=\$2,000,000

X= \$ 1,941,747.6

Jun 23rd, 2015

Jun 23rd, 2015

is there any other instruction such as rounding off? could you please send the multiple choices?

Jun 23rd, 2015

1,532,379.91/ 1,587,747.49/1,475,351.31/1,090,095.56/1,432,379.91

Jun 23rd, 2015

I cant get the answer in the multiple choices. The answer i get is still \$1941747.573. Please check the interest rate again

Jun 23rd, 2015

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Jun 23rd, 2015
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Jun 23rd, 2015
May 28th, 2017
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