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You want to be able to withdraw $40,000 each year for 15 years. Your account earns 9% interest. How much do you need in your account at the beginning?

You want to be able to withdraw $40,000 each year for 15 years. Your account earns 9% interest. How much do you need in your account at the beginning?
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3 votes
You want to be able to withdraw $40,000 each year for 15 years. Your account earns 9% interest. How much

do you need in your account at the beginning?

User Hamad
by
7.5k points

1 Answer

2 votes

Answer:

40000×1×9%=3 600 this is for year

User John Frazer
by
9.1k points
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