Worked for a company with a retirement program

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Reference no: EM131016161

Sammy has worked for a company with a retirement program, and today is retiring from her job with the amount of $268000 in her retirement account. She decides to withdrawal an equal amount from this account, once a year, beginning immediately, and ending 37 years from today (for a total of 38 payments). If the interest rate is 6.25%, solve for the dollar amount of these equal withdrawals such that she uses up the full accumulation.

Place your answer to the nearest dollar amount. Do not use a dollar sign or comma as part of your answer. For example, an answer of fifty thousand and thirty two dollars would be placed as 50032. Work answers out to at least 4 decimal points of accuracy.

Reference no: EM131016161

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