Question
In: Finance
Your father turned 55 today, and he is planning to save $12,000 per year for his...
Your father turned 55 today, and he is planning to save $12,000 per year for his retirement (assume that he deposits this amount today and at the start of each year).
These savings should earn 7.10% per annum. He plans to retire on the day he reaches his 64th birthday. He already has $584,000 in his retirement fund.
After his retirement, his savings can be assumed to earn 6.40% per annum. Assuming he lives until his 85th birthday, how much will he be able to withdraw at the start of each year of his retirement?
Hint: Please present “Length of savings”, “Length of retirement”, “Amount to be saved by the time of retirement”, and “Annual withdrawals” in the template.
Solutions
jeff jeffy answered 1 year agoRelated Solutions
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