You have saved for retirement in an account that earns 6% interest. The funds will last for exactly 25 years with the first withdrawl of $57,000 occuring 1 year from today. To account for inflation, you plan to increase your withdrawls by 2% per year. How much have you saved in your account?

Answer rating: 100% (QA)

SOLUTION To determine how much you have saved in your account we can use the formula for the present ... View the full answer