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Present value of an annuity problem

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Kyle Paget has accumulated $200,000 in his emplyoyer-sponsored retirement plan. If he earns a 6% rate of interest during his anticipated 20 years of retirement, approximately how large an amount can Kyle withdraw each year? (This is a simplified version of question 2 on page 541). I hope you recognize this as a present value of an annuity problem, but note that you are not looking for the present value of the annuity. The problem gives you that. You are looking for the annual withdrawal amount.

Reference no: EM131152465

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