Suppose that on your 21st birthday you are given a $1,000,000 trust fund. If you can earn 4% in annual compound interest, how much money can you withdraw each year to ensure that if there is money in the account forever

annual payment  =  $40000

Explanation:

given data

annual compound interest = 4%

fund value = $1,000,000

to find out

annual payment

solution

we get here annual payment  that is express as

annual payment  = fund value × annual compound interest  1

put here value we get

annual payment  =  4%  × $1,000,000

annual payment  = 0.04 × $1,000,000  

annual payment  =  $40000

answer:

constructing a building's framework requires a solid foundation

explanation:

answer:

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