You are 24 years old, and decide to save $12,000 each year (with the first deposit...

 

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You are 24 years old, and decide to save $12,000 each year (with the first deposit one year from now), in an account paying 7% p.a., compounded annually. You will make your last deposit 41 years from now when you retire at age 65. You have a life expectancy of 95 years. How much money would you be able to withdraw per year after your retirement, if the first withdrawal occurs on your 66th birthday? (Round your answer in dollars to 2 decimal places, e.g. put 1204.42 if your answer is 1204.4243.) You are 24 years old, and decide to save $12,000 each year (with the first deposit one year from now), in an account paying 7% p.a., compounded annually. You will make your last deposit 41 years from now when you retire at age 65. You have a life expectancy of 95 years. How much money would you be able to withdraw per year after your retirement, if the first withdrawal occurs on your 66th birthday? (Round your answer in dollars to 2 decimal places, e.g. put 1204.42 if your answer is 1204.4243.)