How much will your annual withdrawal be

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Reference no: EM13188783

You put $20,000 on deposit on your 13th birthday at 5 percent compounded annually. On your 14th birthday, the account begins earning 6 percent. Then on your 15th birthday, it begins earning 7 percent. You plan to withdrawal equal amounts on your sixty-first, sixty-second,..., seventieth birthdays.

a.) How much will your annual withdrawal be?
b.) On your sixty-fifth birthday, you decide to withdrawal the entire amount remaining. How much do you withdrawal?

Reference no: EM13188783

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