Suppose that for retirement purposes over the course of 21

Last updated: 4/27/2023

Suppose that for retirement purposes over the course of 21 years you make monthly deposits of 320 00 into an ordinary annuity that pays an annual interest rate of 2 199 compounded monthly After those 21 years you then want to make monthly withdrawals for 19 years reducing the balance in the account to zero dollars a Find the amount of money you have accumulated in the annuity over the first 21 years b How much should you withdraw monthly from your account so that the balance reaches zero dollars after the final 19 years