A couple is saving for retirement with three different accounts. The table below shows the current balances in their accounts, along with their yearly contribution, and the yearly return on each account. The couple will retire in 21.00 years and pool the money into a savings account that pays 4.00% APR. They plan on living for 29.00 more years and making their yearly withdrawals at the beginning of the year. What will be their yearly withdrawal? Account Fidelity Mutual Fund Vanguard Mutual Fund $188,462.00 $10,000.00 Employer 401k Balance $21,156.00 Yearly Contribution APR $1,000.00 $307,597.00 $15,000.00 Submit Answer format: Currency: Round to: 2 decimal places. 6.00% 7.00% 5.00%
A couple is saving for retirement with three different accounts. The table below shows the current balances in their accounts, along with their yearly contribution, and the yearly return on each account. The couple will retire in 21.00 years and pool the money into a savings account that pays 4.00% APR. They plan on living for 29.00 more years and making their yearly withdrawals at the beginning of the year. What will be their yearly withdrawal? Account Fidelity Mutual Fund Vanguard Mutual Fund $188,462.00 $10,000.00 Employer 401k Balance $21,156.00 Yearly Contribution APR $1,000.00 $307,597.00 $15,000.00 Submit Answer format: Currency: Round to: 2 decimal places. 6.00% 7.00% 5.00%
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Subject:- finance
![A couple is saving for retirement with three different accounts. The table
below shows the current balances in their accounts, along with their
yearly contribution, and the yearly return on each account. The couple
will retire in 21.00 years and pool the money into a savings account that
pays 4.00% APR. They plan on living for 29.00 more years and making
their yearly withdrawals at the beginning of the year. What will be their
yearly withdrawal?
Account
Balance
Yearly Contribution APR
Fidelity Mutual Fund
Vanguard Mutual Fund $188,462.00 $10,000.00
Employer 401k
$21,156.00 $1,000.00
$307,597.00 $15,000.00
Submit
Answer format: Currency: Round to: 2 decimal places.
6.00%
7.00%
5.00%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd4704128-405f-4318-b903-2637470bce9a%2F43d4e7cb-b08b-48e1-aa9d-9739ccbb6ec9%2Fqmmsz17_processed.png&w=3840&q=75)
Transcribed Image Text:A couple is saving for retirement with three different accounts. The table
below shows the current balances in their accounts, along with their
yearly contribution, and the yearly return on each account. The couple
will retire in 21.00 years and pool the money into a savings account that
pays 4.00% APR. They plan on living for 29.00 more years and making
their yearly withdrawals at the beginning of the year. What will be their
yearly withdrawal?
Account
Balance
Yearly Contribution APR
Fidelity Mutual Fund
Vanguard Mutual Fund $188,462.00 $10,000.00
Employer 401k
$21,156.00 $1,000.00
$307,597.00 $15,000.00
Submit
Answer format: Currency: Round to: 2 decimal places.
6.00%
7.00%
5.00%
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