Question

Calculator Problem:

1= You are tired of working. Since you have $750,000 invested at 6.4%, you decide to quit your job and enjoy life for a while. You want to withdraw $50,000 at the beginning of each year, starting this year. You also wants to have $75,000 left when you begin your hunt for a new job. For how many years can you make the $50,000 withdrawals and still have $75,000 left in the end?

2-

Calculator problem:

Suppose you begin saving for your retirement on your 23^rd birthday by putting $2,000 into an account earning 5.00% per year which is compounded quarterly. You put the same amount in the account on your birthday for each of the next 40 years. How much will you have available when you retire in 45 years?

note: For calculator problems , you are to label and input all the variables of interest: N, I/Y, PV, PMT, FV (and Begin mode if you switch). the unknown variable should be indicated by a ? symbol. Once solved, rewrite the variable identifier with the correct answer

N, I/Y, PV, PMT, FV

Answer 1