Answers
Withdrawals per year = $50,000
Number of years = 25
Amount required at the end of 20 years i.e. at the age of 65 will be equal to the present value of all future withdrawals
i.e. Amount = $50,000*PVAF(11%, 25 years)
= $50,000*8.422
=$421,100
Let the amounts she invests today is x
Then, x(1.11)20 = $421,100
X = $52,230.68
a.The amount Emily must aside now = $52,230.68
b.Amount required at the age of 65 years = $50,000*PVAF(8%, 25 years)
= $50,000*10.675
= $533,750
Let the amounts she invests today is x
Then, x(1.11)20 = $533,750
X = $66,203.10
The amount Emily must aside to achieve her goal = $66,203.10
c.Amount at the age of 65 years = 75,000(1.11)20
= $604,673.37
Amount withdrawn in present value terms = $533,750
Amount left after last withdrawal = $70,923.37*(1.08)25 = $485,716.94
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