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Withdrawing for 30 consecutive years in retirement

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Your friends are planning to work for 20 more years before retiring to a beach somewhere. Their plan is to invest $12,000 at the end of each of the next ten years and $24,000 at the end of each of the last ten (working) years. Funds will be invested in an account that is expected to earn a nominal annual investment yield of 6.785% with monthly compounding. This is one of a few savings or retirement accounts that your friends have and would be used solely for "walking cash." Your friends have come to you because they know you have studied the Mathematics of Finance. They want to know how much they can plan on withdrawing for 30 consecutive years in retirement. The first annual withdrawal will be made at the same time as the final deposit.

Reference no: EM133110979

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