Sharon has worked for a company with a retirement program, and today is retiring from her job with the amount of $157000 in her retirement account. She decides to withdrawal an equal amount from this account, once a ye eginning immediately, and ending 25 years from today (for a total of 26 payments). If the interest rate is 6.75%, solve for the annuity amount such that she uses up her full accumulation. Place your answer in dollars and cents. Do not use a dollar sign or comma as part of your answer For example an answer of fifty four point three eight would be placed as 54 38

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
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Sharon has worked for a company with a retirement program, and today is retiring from her job with the amount of $157000 in her retirement account. She decides to withdrawal an equal amount from this account, once a year,
beginning immediately, and ending 25 years from today (for a total of 26 payments). If the interest rate is 6.75%, solve for the annuity amount such that she uses up her full accumulation.
$
Place your answer in dollars and cents. Do not use a dollar sign or comma as part of your answer. For example, an answer of fifty four point three eight would be placed as 54.38.
Transcribed Image Text:Sharon has worked for a company with a retirement program, and today is retiring from her job with the amount of $157000 in her retirement account. She decides to withdrawal an equal amount from this account, once a year, beginning immediately, and ending 25 years from today (for a total of 26 payments). If the interest rate is 6.75%, solve for the annuity amount such that she uses up her full accumulation. $ Place your answer in dollars and cents. Do not use a dollar sign or comma as part of your answer. For example, an answer of fifty four point three eight would be placed as 54.38.
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