Finance Chen is 65 years old and about to retire. She has $805,000 saved to supplement his pension and Social Security and would like to withdraw it in equal annual dollar amounts so thatnothing is left after 13 years. How much does she have to withdraw each year if she earns 5 percent on her money?Click on the table icon to view the PVIFA tableIf Chen earns 5 percent on her money, the amount she will have to withdraw each year is $ (Round to the nearest cent) D89399800GWN-1011:1213Present Value of a Series of Annual Deposits (annuity), Present-Value Interest Factor of an Annuity2%4%5%9%0.9800,9620.9520,9171.8861.8591.7592.7752.7232.5313.6303.5464.4524.3295.2425.0766.0025.7866.7336.4637.1087:7228 306141%0.9901.97029413.9024.8535.7956.7287.6528.5669.47110.36811.25512.13413.0041.9422.8843.8084.7135.6013%0.9711.9132.8293.7174.5805.4176.2307.0207.7868.5309.787925310.575 9.95411.348 10.63512.1066.4727.3258.1628.9837.4358.1118.7609.3859.98611:296 10.5638.863(9.3949.8996%0.9431.8332.6733.465421249175.58262106.8027:36017.88783848.8539.2957%0.9351.8082.6243.3874.1004.7675,3895.9716.5157.0247 4997.9438,3588.7458%0.9261.7832.5773.3123.9934.6235.2065.7476.2476.7107.1397.5367.9048.2443,2403.8904.4865.0335.5355.9956.4186.8057.1617.4877.78610%0.9091.7362.4873.1703.7914.3554.8685.3355.7596.1456.4956.8147.1037.367

Amount present = $805,000 Period of withdrawal = 13 years Interest rate = 5%

Chen is 65 years old and about to retire. She has $805.000 saved to supplement his pension and Social Security and would like to withdraw it in equal annual dollar amounts so that nothing is left after 13 years. How much does she have to withdraw each year if she earns 5 percent on her money? CTO Click on the table icon to view the PVIFA table If Chen earns 5 percent on her money, the amount she will have to withdraw each year is $(Round to the nearest cent)

Chen is 65 years old and about to retire. She has $805.000 saved to supplement his pension and Social Security and would like to withdraw it in equal annual dollar amounts so that nothing is left after 13 years. How much does she have to withdraw each year if she earns 5 percent on her money? CTO Click on the table icon to view the PVIFA table If Chen earns 5 percent on her money, the amount she will have to withdraw each year is $(Round to the nearest cent)

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter14: Planning For Retirement

Section: Chapter Questions

Problem 2FPE

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