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What is maximum equal annual amount

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Congratulations! You just won a contest at a local business that paid you exactly $7,500. You have decided to invest these funds, starting today, for 45 years until you retire. During this time, you believe that your account will earn 12.5% p.a., compounded annually, every year. As soon as you retire (exactly 45 years from today) you will start withdrawing retirement funds every year for an additional 33 years (with the first withdrawal made exactly 45 years from today), but during your retirement years, you believe that your account will earn a more conservative 6.6% p.a., compounded annually. What is maximum equal annual amount that you will be able to withdraw each year in retirement?

Reference no: EM132828224

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