You have accumulated some money for your retirement. You are going to withdraw $73,802 every year...
You have accumulated some money for your retirement. You are going to withdraw $73,802 every year at the beginning of the year for the next 23 years starting from today. How much money have you accumulated for your retirement? Your account pays you 7.70 percent per year, compounded annually. To answer this question, you have to find the present value of these cash flows.
Homework Answers
Present value = (1 + r) * annuity *[1 - 1 / (1 + r)n] / r
Present value = (1 + 0.077) * 73,802 *[1 - 1 / ( 1 + 0.077)23] / 0.077
Present value = 1.077 * 73,802 * 10.62899
Present value = $844,842.63
$844,842.63 have been accumulated.
Keys to use in a financial calculator:
2nd 2nd BGN 2nd QUIT
N 23
PMT 73,802
I/Y 7.7
CPT PV
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