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APR Finance Problem

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Today you begin your retirement. 30 years ago (year 0) you deposited $50,000 into an investment account that, since then, has always paid a 6 APR compounded annually. Starting one year after the year 0 deposit, you deposited $10,000 a year for the next 29 years (in other words, you made your final deposit today). If you plan to make your first withdrawal today, how much can you withdraw each year for the next 20 years, assuming the annual withdrawal size is fixed?

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Solution Summary

This is a solution to a finance problem dealing with retirement savings.

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First, the deposit 30 years ago is
PV = $50,000
Interest rate = 6%
Number of periods = 30
Then by a financial calculator, ...

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