Question:

You want to be able to withdraw $40,000 each year for 15

Last updated: 7/21/2022

You want to be able to withdraw $40,000 each year for 15

You want to be able to withdraw $40,000 each year for 15 years. Your account earns 7% interest. a) How much do you need in your account at the beginning? b) How much total money will you pull out of the account? c) How much of that money is interest?