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You have $20,000 that you put on deposit on your 30th birthday at 5% compounded anually. On your 40th birthday, the account begins earning 6%. Then, on your 50th birthday it begins earning 7%. You plan to withdraw equal annual ammounts on each of your 61st, 62nd.....,70th birthdays.

Find

(a) How much will be your annual withdrawl?

(b) On your way to the bank on your 65th birthday, you decide to withdraw the entire amount remaining. How much do you withdraw?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91978156

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