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How much interest will be earned by the time

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Question - Bob plans his retirement and would like to supplement his social security benefits. He would like to take out from his retirement account $15,000 annually. His retirement account earns interest at 8% and Bob believes he will 35 years more.

a) How much must the retirement account balance be at retirement to provide for these annual withdrawals?

b) How much interest will be earned by the time the annuity ends?

Reference no: EM132956237

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