Calculate the regular income

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Reference no: EM13276182

Suppose you plan to retire one day with $200,000 saved up. You plan to live on this money for twenty years, withdrawing an income at the end of every year to live on. You expect to earn 8% interest on your remaining balance for the entire twenty years. a) Calculate the regular income that you can withdraw for twenty years. [Use the =PMT function in Excel for this (fill out the relevant information in the function screen)] b) Produce a schedule in Excel which shows your year-ending balance for each year from 1 to 20 (it should reach $0 at the end of year 20) and produce a chart in Excel illustrating this balance. . . Will rate you well if you show your work step by step and explain yourself! **Will not rate you if not. Thank You!

Reference no: EM13276182

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