Determine the amount needed such that when it comes time for retirement, an individual can make semiannual withdrawals in the amount of $15,265 for 35 years from an account paying 4.5% compounded semiannually. Round your answer to the nearest cent. a. $938,272.00 b. $941,790.00 c. $535,528.03 d. $547,577.41

$535,528.03

Since the semiannual withdrawals will be made for 35 years, the annuity will have two payments per year.

You may use a financial calculator to calculate the balance that will match the present value of your annuity distributions when you retire. The following are the inputs:

N = 35*2 = 70 semi-annual withdrawals total time

I/Y = 4.5 percent /2 = 2.25 percent semi-annual interest rate

FV = 0 (future value) (use 0 in annuity if not given)

PMT = 15,265; semi-annual payment

Enter the functions to find PV: CPT PV = 535,528.026

As a result, the person will need $535,528.03 in cash.

C-$535,528.03

Step-by-step explanation:

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