Question: Question 22 (3.33 points) Julia has just had her 50th birthday. She has two children. One will go to college 3 years from now and
Question 22 (3.33 points) Julia has just had her 50th birthday. She has two children. One will go to college 3 years from now and require four year beginning-of-year payments for college expenses, $17,000, $18,500, $20,000, and $21,500. The other will go to college 10 years from now and require four year beginning-of-year payments for college expenses, $23,500, $24,500, $25,500, and $26,500. In addition, Julia plans to retire in 15 years. Julia wants to be able to withdraw $180,000 per year (at the end of each year) from an account for 25 years. The first withdraw occurs on her 66th birthday. What equal, annual, end-of-year amount must Julia save for each of the next 15 years to meet these goals if all savings earn a 6% annual rate of return? O $110,199.32 $83,724.74 $100,961.62 $ 165,200.27
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
