How much will be your annual withdrawal

Reference no: EM13266616

You put $20,000 on deposit on your thirtieth birthday at 5 percent compounded annually. On your fortiethbirthday, the account begins earning 6 percent. Then on your fiftieth birthday, it begins earning 7 percent. Youplan to withdraw equal annual amounts on your sixty-firrst, sixty-second, . . . , seventieth birthdays.

1. How much will be your annual withdrawal?

2. On your sixty-?fth birthday, you decide to withdraw the entire amount remaining. How much do youwithdraw?

Reference no: EM13266616

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