SOLUTION: You want to be able to withdraw $20,000 each year for 25 years. Your account earns 10% interest.
a) How much do you need in your account at the beginning?
$22,000
b) How
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Question 1122076: You want to be able to withdraw $20,000 each year for 25 years. Your account earns 10% interest.
a) How much do you need in your account at the beginning?
$22,000
b) How much total money will you pull out of the account?
$550,000
c) How much of that money is interest?
$50,000
Answer by ariana3212(1) (Show Source): You can put this solution on YOUR website!
You want to be able to withdraw $20,000 each year for 25 years. Your account earns 10% interest.
a) How much do you need in your account at the beginning?
$22,000
b) How much total money will you pull out of the account?
$550,000
c) How much of that money is interest?
$50,000
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