Troy has a retirement account worth $1,250,000 . The account draws 4.5% compounded monthly. A . How much can he withdraw each month and not change the balance? B. It he withdraws $4000 each month , what will be the value of the account in 20 years? C. How much can he withdraw each month from the $1,250,000 to make the account last 30 years?
Troy has a retirement account worth $1,250,000 . The account draws 4.5% compounded monthly. A . How much can he withdraw each month and not change the balance? B. It he withdraws $4000 each month , what will be the value of the account in 20 years? C. How much can he withdraw each month from the $1,250,000 to make the account last 30 years?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...
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Troy has a retirement account worth $1,250,000 . The account draws 4.5% compounded monthly.
A . How much can he withdraw each month and not change the balance?
B. It he withdraws $4000 each month , what will be the value of the account in 20 years?
C. How much can he withdraw each month from the $1,250,000 to make the account last 30 years?
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