Mr. Jones is planning a 20-year retirement; he wants to withdraw $6000 at the end of the first year, and then to increase the withdrawals by $800 each year to offset inflation. How much money should he have in his savings account at the start of his retirement, if the bank pays 9% per year, compounded annually, on his savings?
Mr. Jones is planning a 20-year retirement; he wants to withdraw $6000 at the end of the first year, and then to increase the withdrawals by $800 each year to offset inflation. How much money should he have in his savings account at the start of his retirement, if the bank pays 9% per year, compounded annually, on his savings?
Chapter2: Loads On Structures
Section: Chapter Questions
Problem 1P
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Mr. Jones is planning a 20-year retirement; he wants to withdraw $6000 at the end of the first year, and then to increase the withdrawals by $800 each year to offset inflation. How much money should he have in his savings account at the start of his retirement, if the bank pays 9% per year, compounded annually, on his savings?
Please show complete solution, do not use excel. Thank you!
CORRECT ANSWER: 104,189.14
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hi, can you please explain where was the 9.17 and 61.777 solved from?
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