If you are 65 years old, and want to draw $20,000 a year,for the next 30 years, and expect to live to be 100 years old, Your account pays a 6% interest rate. How much money do you need in your account today?
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First we get the total amount $20,000* 30=$600,000
now to get the principal is p=A/1+rt
This the money should be in the account now
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