Mathematics, 01.02.2020 04:44 smit715674
Tina would like to withdraw an annual salary of $35,756 from an account paying 2.2% compounded annually for 35 years once she retires. given this information, determine the amount needed in her account in order for her to reach her goal. round to the nearest cent.
a.$801,263.20
b.$866,442.02
c.$885,503.75
d.$1,213,299.,90
Answers: 3
![PV = P \times\left[\frac{1 - (1 + i)^{-n} }{ i}\right]](/tpl/images/0491/9796/49b82.png)
![PV = 35 756 \times\left[\frac{1-(1+ 0.022)^{-35} }{ 0.022}\right] \\PV = 1 625 372.73 \times\left({1-1.022^{-35} }\right) \\PV = 1 625 372.73 \times\left({1-0.46689438 }\right) \\](/tpl/images/0491/9796/8cef3.png)
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Tina would like to withdraw an annual salary of $35,756 from an account paying 2.2% compounded annua...
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