You made a profit of $65,000. You would like to invest the $65,000 into an account that pays you an annual compounded interest rate of 5.5%. You want to make annual withdrawals over the next 10 years such that by the end of this 10 year period, the amount remaining in the account will be zero dollars. Determine, from the given information, the amount of the annual withdrawals. please Round your answer to the nearest cent.

Question

03-03-2021
Mathematics

Answered

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You made a profit of $65,000. You would like to invest the $65,000 into an account that pays you an annual compounded interest rate of 5.5%. You want to make annual withdrawals over the next 10 years such that by the end of this 10 year period, the amount remaining in the account will be zero dollars. Determine, from the given information, the amount of the annual withdrawals. please Round your answer to the nearest cent.

Sagot :

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