Prof Wang

Question 5 (2 points) Today is professor Wangs birthday, and she is planning to save $35,000 per year for retirement, with the first deposit to be made today followed by another deposit on each of the next 4 birthdays. She plans to retire after this (so her first year of not working will be 5 years from now). The expected return on her investment is 11%. She plans to take out the same amount of money each year from the portfolio for her living expenses starting the year after her retirement (5 years from now will be the first year of receiving this fixed payment from her retirment portfolio) and each birthday afterwards. She expect that she will live for 30 years after the retirement. How much money will she be able to receive each year throughout her retirement based on these assumptions? The answer is 27704.80 The answer is 24959.28 The answer is 25072.26 The answer is 27830.21