Business, 22.02.2021 19:10 jessecabrown1

You just turned 30 years old today, have just received your MBA, and have accepted your first job. You are permitted to put $19,500 per year into your 401-K plan. Assume that you make the payments at the end of each year (from the end of the year when you are age 30 to the end of the year when you are age 69, totalling 40 payments in all). Every dollar that has not yet been withdrawn from the plan is expected to earn a 5% rate of return per year. You cannot make withdrawals until after you retire on your 70th birthday (40 years from today). During your retirement, you plan to withdraw funds from the account at the end of each year (so your first withdrawal is at the end of the year that you turn 70). Required:
a. How much will you have in your 401K when you retire at age 70?
b. What constant amount will you be able to withdraw each year if you want the funds to last until the end of the year that you turn 100?
c. If your savings still is earning 5% APR, how much can you withdraw at the end of each month?

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