In 2009, Harold deposited $50,000 in an account paying 6% annual interest. Harold wants to make five equal annual withdrawals from the account starting with the first withdrawal in 2020. Further, Harold wants to have exactly $100,000 left in the account in 2026. How large can each of the annual withdrawals be

Yearly withdrawals: $ 5,796.954

Explanation:

Future value in 2020:

Principal50,000.00

time11.00

rate0.06000

Amount94,914.93

Present Value of the 100,000 dollar in 2026 at 2020:

Maturity  $100,000.00

time  6.00

rate  0.06000

PV   70,496.0540

Amount available for the withdrawals:

94,914.93 - 70,496.05 = 24.418,88‬

Annuity of 5 years that is possible with the available amount:

PV24,418.88

time5

rate0.06

C  $ 5,796.954

lbc corporation makes and sells a product called product wz. each unit of product wz requires 4.1 hours of direct labor at the rate of $20.00 per direct labor-hour. management would like you to prepare a direct labor budget for june. the company plans to sell 28,000 units of product wz in june. the finished goods inventories o