2024 – You are trying to plan for retirement in 10 years and currently you have 150 000 in
ANSWER THE FOLLOWING QUESTIONS CORRECTLY – 2024
You are trying to plan for retirement in 10 years and currently you have $150,000 in a savings account and $250,000 in stocks. In addition, you plan to add to your savings by depositing $10,000 per years in your savings account at the end of each of the next 10 years until retirement.
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a. assuming your account returns 12% compounded annually, how much will you at the end of 10 years.
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b. If you expect to live 20 years after you retire, and at retirement, you deposit all your savings in a bank account paying 11%, how much can you withdraw each year after retirement (20 equal withdrawals beginning 1 year after you retire) to end up with a zero-balance at death?
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