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Siri plans to retire in 4 years with 426,000 dollars in her account, which has an...

Siri plans to retire in 4 years with 426,000 dollars in her account, which has an annual return of 7.58 percent. If she receives annual payments of X, with her first payment of X received in 4 years and her last payment of X received in 11 years, then what is X, the amount of each payment?

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Answer #1

Using excel PMt function, (Refer image for formula)

the amount of each payment = $67812.78

Here PV =426000

N = 8 (Starting from 4 to 11 both inclusive)

Rate = 7.58%

And they are begiining of year payments.

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