1 answer

Present and future value tables of $1 at 3% are presented below: FVAD $1 N 1...

Question:

Present and future value tables of $1 at 3% are presented below: FVAD $1 N 1 2 3 4 5 6 7 FV $1 1.03000 1.06090 1.09273 1.1255
Jimmy has $442,350 accumulated in a 401k plan. The fund is earning a low, but sate, 3% per year. The withdrawals will take pl
Present and future value tables of $1 at 3% are presented below: FVAD $1 N 1 2 3 4 5 6 7 FV $1 1.03000 1.06090 1.09273 1.12551 1.15927 1.19405 1.22987 1.26677 1.30477 1.34392 1.38423 PV $1 0.97087 0.94260 0.91514 0.88849 0.86261 0.83748 0.81309 0.78941 0.76642 0.74409 0.72242 FVA $1 1.0000 2.0300 3.0909 4.1836 5.3091 6.4684 7.6625 8.8923 10.1591 11.4639 12.8078 PVA $1 0.97087 1.91347 2.82861 3.71710 4.57971 5.41719 6.23028 7.01969 7.78611 8.53020 9.25262 1.0300 2.0909 3.1836 4.3091 5.4684 6.6625 7.8923 9.1591 10.4639 11.8078 13.1920 PVAD $1 1.00000 1.97087 2.91347 3.82861 4.71710 5.57971 6.41719 7.23028 8.01969 8.78611 9.53020 10.25262 8 9 10 12 1.42576 0.70138 14.1920 9.95400 14.6178 10.95400 13 1.46853 0.68095 15.6178 10.63496 16.0863 14 15 16 1.51259 1.55797 1.60471 0.66112 0.64186 0.62317 17.0863 18.5989 20.1569 11.29607 11.93794 12.56110 17.5989 19.1569 20.7616 11.63496 12.29607 12.93794 Jimmy has $442,350 accumulated in a 401k plan. The fund is earning a low, but safe, 3% per year. The withdrawals will place at the end of each year starting a year from now. How soon will the fund be exhausted if Jimmy withdraws $71,000 each year? < Prev 4 of 9 Next > MacBook Pro 80 F4 LES F6 7
Jimmy has $442,350 accumulated in a 401k plan. The fund is earning a low, but sate, 3% per year. The withdrawals will take place at the end of each year starting a year from now. How soon will the fund be exhausted if Jimmy withdraws $71,000 each year? spong 4 2 3 5 7 6 8

Answers

rate positively ..

We have to use financial calculator to solve this
put in calculator
FV 0
PV -442350
PMT 72000
I 3%
compute N                     7
Ans = 7 year
.

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