Answered

want to be able to withdraw $20,000 each year for 25 years. Your account earns 4% interest.

a) How much do you need in your account at the beginning?

$


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

$


c) How much of that money is interest?



Answer :

kyletrombley08

Answer:

a) You need approximately $345,175.66 in your account at the beginning.

b) You will pull out a total of approximately $1,000,000 from the account over 25 years.

c) Approximately $654,824.34 of the total money withdrawn is interest.