You decide to open an individual retirement account (IRA) at your local bank that pays 8 % / year compounded annually. At the end of each of the next 40 years, you will deposit $4,000 into the account. Three years after your last deposit, you will begin making annual withdrawals. What annual amount will you be able to withdraw if you want the withdrawals to last: Click here to access the TVM Factor Table Calculator Part a 20 years? $ Your answer is correct. Part b Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar. The tolerance is ±20. eTextbook and Media 30 years? $ Save for Later Part c Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar. The tolerance is ±20. eTextbook and Media 123104 Forever? $ Attempts: 2 of 3 used Save for Later Attempts: 0 of 3 used Submit Answer Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar. The tolerance is ±20. eTextbook and Media Attempts: 0 of 3 used Submit Answer

You decide to open an individual retirement account (IRA) at your local bank that pays 8 % / year compounded annually. At the end of each of the next 40 years, you will deposit $4,000 into the account. Three years after your last deposit, you will begin making annual withdrawals. What annual amount will you be able to withdraw if you want the withdrawals to last: Click here to access the TVM Factor Table Calculator Part a 20 years? $ Your answer is correct. Part b Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar. The tolerance is ±20. eTextbook and Media 30 years? $ Save for Later Part c Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar. The tolerance is ±20. eTextbook and Media 123104 Forever? $ Attempts: 2 of 3 used Save for Later Attempts: 0 of 3 used Submit Answer Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar. The tolerance is ±20. eTextbook and Media Attempts: 0 of 3 used Submit Answer

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

You decide to open an individual retirement account (IRA) at your local bank that pays 8 %/year compounded annually. At the end of
each of the next 40 years, you will deposit $4,000 into the account. Three years after your last deposit, you will begin making annual
withdrawals. What annual amount will you be able to withdraw if you want the withdrawals to last:
Click here to access the TVM Factor Table Calculator
Part a
20 years? $
Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar. The tolerance is ±20.
eTextbook and Media
Part b
Your answer is correct.
30 years? $
Save for Later
Part c
Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar. The tolerance is ±20.
eTextbook and Media
Forever? $
123104
Attempts: 2 of 3 used
Save for Later
Attempts: 0 of 3 used Submit Answer
Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar. The tolerance is ±20.
eTextbook and Media
Attempts: 0 of 3 used
Submit Answer

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