Question

Sam retires today at the age of 65 and invests his life savings into an account...

Sam retires today at the age of 65 and invests his life savings into an account that is guaranteed to earn 4.12% per year. Sam expects to live to the age of 87, withdraw $0.112mln from the account at the end of each year, and leave his heirs $1.818mln (this amount will be the account balance at the time of his death). How much is Sam putting in the account today, in $ million? Round to the nearest $0.001 million. E.g., if your answer is $1,234,758, record it as 1.235.

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Answer #1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

SOLVED WITH BA II PLUS CALCULATOR, NEED HELP WITH FORMULA, LET ME KNOW, WILL DO THAT AS WELL

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