What is the amount of the first year withdrawal

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1 A young engineer has a starting salary of $75,000. If her salary increases by an average of 4% each year, what will her annual salary be at the end of a 40 year career? (assume 5% annual rate of return)

2. If she deposits 5% of her growing salary into a retirement program each year for her 40 year career, what will the retirement account balance be when she retires? Assume a 5% annual rate of return for the retirement account.

3. If she depletes the account by withdrawing an equal amount each year for the first 20 years of her retirement, what is the amount of the annual withdrawal?

4 If she would like for the annual withdrawal to increase by 4% each year over the first 20 years of her retirement, what is the amount of the first year withdrawal?

Reference no: EM13156083

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