Annual end-of-year retirement income drawdown

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Assume you are going to work for the next 38 years and save annual payments of $3,000 towards your retirement account. The first payment will be made at the end of year 1, and the last payment will be made at the end of year 38. The retirement account will earn interest of 8%. If you expect to live for 25 years after your retirement, and during that time your account will earn 3% interest, what will be your annual end-of-year retirement income drawdown (round to the nearest dollar)?

Reference no: EM131865148

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