Ask Question
11 August, 13:19

Im Hunter has decided to retire to Florida in 10 years. What amount should Jim invest today so that he'll be able to withdraw $25,000 at the end of each year for 30 years after he retires? Assume he can invest money at 9% interest compounded annually. A. $10,480.27 B. $105,470.27 C. $18,790.27 D. $108,490.27

+2
Answers (1)
  1. 11 August, 14:55
    0
    If he wants to withdraw $25,000 each year for 30 years after his retirement 10 years from now, he should invest either letter B. $105,470.27 or D $108,490.27. While he was withdrawing $25,000.00 his investment still remains untouched for the 30 years and it is still increasing. He may increase his yearly withdrawal.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Im Hunter has decided to retire to Florida in 10 years. What amount should Jim invest today so that he'll be able to withdraw $25,000 at ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers