What amount will you be able to withdraw each year

Reference no: EM13564973

1.You decide to open an individual retirement account (IRA) at your local bank that pays 10 percent/year/year. At the end of each of the next 40 years, you will deposit $3,500 per year into the account (40 total deposits). Three years after the last deposit, you will begin making annual withdrawals. If you want the account to last 30 years (30 withdrawals), what amount will you be able to withdraw each year?

2.At a specified point on a highway, vehicles are known to arrive according to a Poisson process. Vehicles are counted in 20-s intervals, and vehicle counts are taken in 120 of these time intervals. It is noted that no cars arrive in 18 of these 120 intervals. Approximate the number of these 120 intervals in which three cars arrive.

Reference no: EM13564973

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