Monday, December 12, 2011

Finance Math help needed?

Suppose a man deposits his bonus of $13,000 in an account that earns an annual rate of 8.5% compounded quarterly, and makes additional deposits of $600 at the end of each quarter for the next 20 1/2 years until he retires. To supplement his retirement, he wants to make withdrawals at the end of each quarter for the next 15 years (at which time the balance will be 0). What is the total amount withdrawn assuming the interest rate remains the same during his retirement?|||$361,120.80

No comments:

Post a Comment