Question 1052048

You have $100,000 to invest at 4% interest. If you wish to withdraw equal annual payments for 4 years, how much could you withdraw each year and leave $0 in the investment account? 
Answer = $27548
<pre><b><u>1)</b></u>  Find future value (FV) on $100,000 @ 4% for 4 years
<b><u>2)</b></u>  Find payment on an ORDINARY annuity based on the future value amount you got in 1). This should give you: $27,549, $1 more than your answer.