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Excel formula or financial calculator inputs

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Assume you are 22 years and seek to retire 43 years from now when you will be 65 years old. Your individual retirement investment goal is to accumulate $4,000,000 at the time you retire, that is, 43 years from now. If your individual retirement account could earn 8.5% APR compounded annually and you seek to make annual withdrawals in equal amounts for the next 30 years until you are 95 years old, how could you withdraw from your individual retirement account per year?

Write down your answer and Show the Excel formula or financial calculator inputs you used to estimate your annual withdrawals.

Reference no: EM132577483

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